914/6 With Gt Steel Flares on 2040-cars

Auto blog

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

Get lost in Evo's sublime 2013 Car of the Year testing

Every year Evo stages its Car of the Year test, bringing the best performance cars in the world to one location for an epic shootout. This year the magazine pitted eight CotY finalists against each other on Route Napoleon in Southern France - Evo claims it's the "best road in the world" - and then proceeded to nitpick the smallest of faults on each car until the winner could be named. You see, this year's lineup of machines was just so good that only one car obviously wasn't CotY material from the get-go. Can you guess which one judging from the list below?
- Aston Martin V12 Vantage S
- Audi R8 V10 Plus

Viral video helps catch unlicensed teen hit-and-run driver

A video of a driver mangling a Porsche SUV was uploaded for a laugh on YouTube last week, but police recognized the vehicle and suspected it was used in an early crime. The video titled How to park your Porsche in Vancouver recently surfaced on YouTube and was meant to be a source of entertainment. However, it appeared that there is damage on the passenger side of the vehicle, opposite the side being scraped away on the garage wall. A few days after its initial posting, the video came to the attention of the Vancouver Police Department who used it as evidence to find a hit-and-run driver. Constable Brian Montague of the VPD said that the vehicle shown in the video hit a parked, unoccupied car on June 16. Using the video, VPD officers tracked down the Porsche driver, who turned out to be a sixteen-year-old kid with no license. Montague stated that if the young driver had stayed at the scene of the crash, they very likely would have gotten off with a fine for driving without a license. Unfortunately, because they fled the scene, the driver is facing multiple, costly charges including hit-and-run and driving without a license. The driver will also be responsible to damage caused to the parked car and to the house they damaged while trying to hide the Porsche. Related Video: News Source: Global News Auto News Weird Car News Porsche Driving Safety viral video bad driver parking fail