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Porsche sells final 918 Spyder amidst excellent year of sales

2014 has been a banner year for Porsche, as the company has moved over 169,000 units through November, an increase of around 12,000 units over the same period in 2013. During last month alone, the company's sales saw a year-over-year jump of 25 percent. The European market, meanwhile, saw an 18-percent jump in sales, while its North American efforts have jumped 13 percent. "This strong November is evidence that our strategy is working extremely well," Porsche board member Bernhard Maier said in the accompanying statement. "It also confirms our commitment to taking advantage of every opportunity presented in the global markets." Those notable sales gains aside, this latest sales report comes with some bad news for the overwhelming majority of Porsche fans – the last 918 Spyder has been sold. All 297 cars have been spoken for, with US deliveries set to begin soon. According to Porsche, there are currently around 100 Spyder owners spread across Germany and China. Porsche exceeds previous year's sales by November Last unit of the 918 Spyder sold Atlanta. Porsche AG increased global deliveries to customers from January to November this year to more than 169,000 vehicles, already exceeding the overall total for 2013 of 162,145 new vehicles. This represented a growth of 15 percent over the same period last year (January to November 2013: 147,290 vehicles). In the month of November, Porsche delivered 17,700 vehicles – an increase of one quarter over the same month last year. "This strong November is evidence that our strategy is working extremely well," said Bernhard Maier, Member of the Executive Board – Sales and Marketing of Dr. Ing. h.c. F. Porsche AG. "It also confirms our commitment to taking advantage of every opportunity presented in the global markets." In Europe, Porsche delivered 54,500 vehicles from January to November 2014 – an increase of 18 percent over the previous year, with the domestic German market accounting for 22,200 of the sales. The American region also showed a significant 13 percent increase over last year with a total of 51,600 deliveries. In addition, November announced the finality of sales for the 918 Spyder hybrid super sports car. With a limited run of 918 units, the majority of the cars – 297 – will be shipped from the Zuffenhausen manufactory to buyers in the USA. In both Germany and China there are already around 100 proud new owners who have taken delivery of the super sports car.

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

UPDATE: Porsche could raise its stake in Rimac, and Rimac weighs in

CLARIFICATION: An earlier version of this Reuters story said Porsche could raise its stake in Rimac to nearly 50%, but Rimac reached out to Autoblog to say that's not so. Here is a statement from Mate Rimac: "We have a very strong partnership with Porsche that is key for Rimac Automobili. Porsche is a shareholder in Rimac since 2018 with 15.5% ownership currently, accumulated over several rounds of investment. While it is true that we are discussing further expansion of this collaboration that will lead to increase of Porsche's stake in Rimac Automobili, some media have mistakenly reported that Porsche would take over 50% or nearly 50% of the company.   We are very happy that the partnership with Porsche will strengthen even further, but it is in the interest of both Rimac and Porsche that Rimac is a fully independent company. We are working with many car companies that are not our shareholders and there is a clear separation between shareholding and projects. It is very important to us that our industry customers have the peace of mind that Rimac is independent and that there is an "Information Firewall" between projects and shareholders (not only Porsche, but also Hyundai and others) - and this will not change. Confidentiality is very valued in the industry and one of the basics for collaboration between companies. Our shareholders are happy with such an arrangement and expect the same level of professional behaviour and confidentiality for their projects and customer projects.   So, the point is: Porsche's stake will increase but nowhere near to 50% and Rimac will remain independent with many industry customers that are not our shareholders/investors." The original story, with the 50% reference removed, appears below.   FRANKFURT — Volkswagen unit Porsche is participating in a financing round of Rimac Automobili that will see the electric supercar maker raise 130 million-150 million euros ($157 million-$181 million), its owner Mate Rimac told weekly Automobilwoche. The fundraising should be completed in two to three months and another round is planned at the end of the year, Rimac told the trade journal. Porsche owns a 15.5% stake in Rimac Automobili and could raise its stake in a deal that would also include the transfer of Volkswagen's supercar brand Bugatti to Rimac, Automobilwoche said. Volkswagen and Rimac were not immediately available for comment on Sunday.