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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

Porsche previews new 911 in development

Porsche has taken the rather unorthodox step of releasing a series of photos of a new vehicle before it reveals it in full, sans brightwork and covered in dirt. That model, as you can see, is the new 911, expected to feature a number of upgrades and some big changes over the 991-generation line it will replace. The photos give us an advance look at the update, with more details to follow. Likely to be dubbed (unofficially) as the 991.2 or 991.5, the new 911 will encompass the usual array of visual updates: revised bumpers, headlights, rolling stock, interior equipment... the works, as we saw from the most recent batch of spy shots. But the biggest change will be under the hood, where Porsche is expected to fit a new family of downsized, turbocharged flat-six engines to replace the naturally aspirated units in the current models, likely with more power and improved performance to boot. We expect the launch of the new 911 to kick off a raft of new versions to follow, including coupes, convertibles, and Targas (as you can see from the photos), as well as rear- and all-wheel-drive versions in various states of tune. The current generation, after all, bred a about two dozen versions, and you can bet the new one will lead to just as many, from the base Carrera all the way up to the Turbo. That will (as in the all-turbo Macan range) likely remain the flagship model, even after the forced induction no longer sets it apart. The GT3, GT3 RS and a new purist model are expected to be the only hold-outs for atmospheric pressure, but the widespread adaptation of turbocharged power will put another degree of separation between the new 911 and the naturally aspirated, air-cooled models of old. For more details, we'll have to wait until Porsche reveals the full monte, but for a taste of what's to come, look no further than the 19 high-resolution images in this slideshow. Related Video: Featured Gallery 2017 Porsche 911: Testing View 19 Photos Image Credit: Porsche Porsche Performance porsche 991

Volkswagen reportedly to name Matthias Muller CEO

Porsche chief executive officer Matthias Muller is expected to be named CEO of Volkswagen AG, the Wall Street Journal and other sources reported Thursday morning. Muller, 62, has led Porsche since Oct. 1, 2010, and jumpstarted the sports-car brand's expansion around the world. He replaces Martin Winkerkorn, who stepped down Wednesday amid the company's worsening diesel scandal. At least three more executives are also expected to be fired, including Volkswagen's US chief and the heads of Audi and Porsche research and development. Both brands are divisions of VW. A US spokesman wouldn't confirm the reports. An official announcement is expected at VW's board meeting on Friday. Muller's ascension caps a stunning week of turmoil for Volkswagen, which manipulated software to make its diesel-powered vehicles appear cleaner during testing that they are in real-world driving. The charges were revealed last week by the EPA, which cited the work of researchers at West Virginia University. About 482,000 vehicles are affected in the United States, which will be subject to recall, and VW estimates about 11 million of its vehicles around the world have the rigged software. The well-regarded Muller was viewed as a front-runner for the job even before Winterkorn stepped down. Before helming Porsche, he oversaw all vehicle projects globally for VW from 2007-2010. Previously, he was in charge of the Audi and Lamborghini product lines, and earlier in his career was responsible for the Audi A3 program in the 1990s. He joined Audi in 1977. He's trained as a toolmaker and studied information technology in Munich. His last name is sometimes spelled Mueller in English. Muller faces immediate challenges as he takes over VW's sprawling 78-year-old industrial empire, including recalls and regulatory actions around the world. In the US alone, the company faces a fine of up to $18 billion. VW, an industrial symbol of Germany, is also far larger than any unit Muller has run in his career. While Porsche sold 189,849 vehicles in 2014 globally, it's one of many VW brands. Collectively they sold 5.04 million vehicles through the first six months of this year, making Volkswagen the world's largest automaker. Related Video: