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Volkswagen posts quarterly profit despite drop in sales

Volkswagen returned to profit in the third quarter as surging Chinese demand for luxury cars helped offset a 1.1% drop in vehicle deliveries due to the pandemic, sending its shares as much as 3% higher on Thursday. The German automaker's return to the black comes amid spiking coronavirus cases in Europe that led governments in France and Germany to order their countries back into strict national lockdowns on Wednesday. "The coronavirus remains a central problem," Volkswagen Chief Financial Officer Frank Witter said in a conference call with reporters. "This situation now is anything but relaxed." But Witter said the group expected the economic recovery to continue and did "not anticipate any nationwide lockdowns in larger markets." Witter said the takeover of U.S. truck maker Navistar International by Volkswagen's trucking unit Traton was an important acquisition, but the "current economic climate will not make this easy." Volkswagen reiterated it expects to post a profit for the full year, saying its business "recovered noticeably" in the third quarter as sales in China of premium vehicles, including Audi and Porsche sports cars, rose 3%. The quarterly performance was also aided by a series of cost-cutting measures launched earlier this year. Volkswagen said its net liquidity rose to 24.8 billion euros from 18.7 billion at the end of the second quarter. Excluding one-time items, third-quarter operating profit was 3.2 billion euros ($3.8 billion), down from 4.8 billion euros a year earlier, but up from a second quarter loss of 1.7 billion. In a note to clients, Jefferies analyst Philippe Houchois described the results as a "solid performance with strong cash, but relatively muted in the context of the (auto) sector recovery." Last week, German rival Daimler reported a record 24% jump in Chinese demand for its Mercedes-Benz cars, boosting its margins in the third quarter. Italian-American Fiat Chrysler Automobiles and Peugeot manufacturer PSA Group both also posted solid results this week. Witter said Volkswagen could not say for sure whether it would meet EU CO2 emissions targets this year, adding "it will be a tough race." At 1030 GMT, Volkswagen shares were up 2.9% at 129.20 euros. Related Video: Earnings/Financials Audi Bentley Bugatti Lamborghini Porsche Volkswagen

2016 Porsche Boxster Spyder First Drive [w/video]

The recipe for the 2011 Porsche Boxster Spyder cooked up a meal that everyone loved. Yes, even with the three-piece, Erector Set canvas top that took one journalist 30 minutes to lower the first time. Boiled down, the 2011 model was a Boxster S with 10 extra horsepower and 176 fewer pounds, graced with accelerated reflexes. For the second coming of the Boxster Spyder, Porsche fortified the ingredients it used in the first. It starts with the Boxster GTS and adds the 3.8-liter flat-six from the 911 Carrera S, tuned to 375 horsepower and 301 pound-feet of torque. The Spyder subtracts around 72 pounds compared to the Boxster GTS, weighing in at 2,899 pounds. This, then, is both the most powerful and the lightest Boxster you can get. For you fact-checkers out there, the entry-level Boxster is listed at 2,888 pounds on the Porsche USA site, but a spokesman points out that, "the metric for determining weight has changed, which increased the amount of fluids necessary to perform weight testing." In other words, the base Boxster is unchanged, but the real-world curb weight is actually higher. It's ridiculous to quibble over 11 pounds – or whatever the difference is – because the Boxster Spyder has 110 more horsepower and 96 more pound-feet than the base model. With a successful technique already established, we thought the latest Boxster Spyder would even more of a raucous and rowdy good time than its predecessor. But it's not. The standard Boxster Spyder doesn't come with manual A/C or a stereo, but both can be added for no additional cost. The exterior, at least, exhibits the right kind of maturity. Front and rear fascias swiped from the Cayman GT4 add 10 millimeters in length compared to other Boxsters. Those pieces make the car lighter, along with items like the aluminum doors and decklid. The bulges behind the roll hoops, called streamliners, are the can't-miss-it references to Porsche's historic and legendary Spyders. In case admirers still don't get it, Spyder badges sit atop each rear quarter panel. Inside, the leather, body-colored trim, and copious amount of Alcantara is like a track-day package arranged by Prada. The steering wheel is shared with the Cayman GT4. The lightweight sport seats that hug like a carbon fiber cradle in our test car aren't available in our market. Different sport seats are standard in the US, racier buckets are a $4,750 option.

2015 Porsche Panamera S E-Hybrid

When the Porsche Panamera joined the hybrid poker game with the S Hybrid, it started with a seat at the penny-ante table: engineers inserted a 47-horsepower electric motor between the gas engine and eight-speed automatic, powered by a 1.7-kWh nickel-metal hydride battery. It was tiny stakes, the kind of non-risk taken when you're trying to figure out both how to play the game and how you want to play the game. After two years of experimenting, the 2015 Panamera S E-Hybrid makes a bigger bet – the kind that requires paper bills and the maxim, "If you can't fold it, hold it." Porsche's plug-in hybrid gets every adjective we expect of a successor from Stuttgart: more complex, more efficient, more powerful and faster. Driving Notes The electric motor leaps from 47 hp to 95 hp thanks to more windings on the stator coils and new power electronics. The battery goes from a 1.7-kWh nickel-metal hydride unit to 9.4-kWh lithium-ion setup; it's the same physical size as before, still mounted under the cargo deck. Internal combustion still comes from the Audi-sourced, 333-hp, supercharged V6, but total system power goes from 380 hp and 428 pound-feet of torque in the S Hybrid to 416 hp and 435 lb-ft in the S E-Hybrid. The previous system could run a mile on electricity, this one is estimated to last more than 20 miles on e-power on the European cycle. The 0-60 dash takes 5.2 seconds, down from 5.7 seconds; top speed in electric-only mode is 84 mph – up from 50 mph. It takes 2.5 hours at a 240-volt outlet to fully recharge the battery; the Porsche Universal Charger comes equipped with a cable for that and a standard 120-volt socket. Only Panamera obsessives will notice the sheetmetal changes for 2015, but there are sharper lines on the front and rear fascias, faint revisions made to the light clusters, wider glass – over the same-sized opening – on the rear tailgate, and a wider rear spoiler. Outsiders will know the S E-Hybrid because of Acid Green highlights on the fender and tailgate logos, as well as the Acid Green brake calipers. Inside, the central tach remains, but the analog speedometer was evicted to make space for the battery power meter, and Acid Green needles dance across all the gauges. The navigation screen shows your electric driving range and the Porsche Car Connect service provides the expected, smartphone-controlled e-mobility features.