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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-Piech buy 10% stake in VW's holding company

In August, 2009, as the scuttled merger of Porsche and Volkswagen had gone bad and Porsche was backed up against the ropes, Porsche Automobil Holding SE (PAHSE) relinquished a ten-percent stake in itself to Qatar Holdings as well as options it held on 17 percent of VW shares. The sale meant that, for the first time since the founding of the company 61 years before, an entity outside the Porsche and Piech families had a say in the running of PAHSE.
Buying that ten-percent stake back returns full ownership to the two families, the holding company's sole possession being ownership of 50.7 percent of VW's common shares. The price paid wasn't disclosed, but at market rates the purchase would be worth close to $1.25 billion. Qatar intends to hold onto the 17-percent stake it has in Volkswagen.

2016 Porsche 911 GT3 RS looks even better in the flesh [w/video]

You should never, ever, ever buy a new Porsche 911 GT3 when it first comes out. That's not to say it's somehow bad. It's just that the debut of a new GT3 is, almost without fail, followed by a GT3 RS. GT3: good. GT3 RS: better. This is the latest hot 911, and it comes out shooting with a 4.0-liter flat-six, complete with 500 horsepower and 338 pound-feet of torque. As we explained earlier this morning, sitting behind the wheel of the GT3 RS means 60 miles per hour is just 3.1 seconds away. That is, frankly, a hilariously fast time for a rear-drive, naturally aspirated vehicle with just 500 hp. Consider the new Ferrari 488 GTB, if you will – it has an extra 160 horsepower, (probably) two turbochargers and two more cylinders, and it's only a tenth of a second faster to 62 than the Porsche is to 60. Any Porsche worth its salt will be as rapid in the corners as it is on the straights, and the GT3 RS is no different. It managed to trim five seconds off the standard GT3's Nurburgring time, thanks in part to Porsche's dedication to weight reduction. It's down 22 pounds on the standard car, thanks to magnesium and carbon fiber components. On top of that, Porsche pushed the aerodynamics with a track-ready rear wing and a fairly substantial front splitter. Of course, you know all of this, because we covered it this morning. Still, it seemed worth recapping as we delivered our very own, live-from-Geneva photos of the 2015 Porsche 911 GT3 RS. Take a look. Related Video: Porsche 911 GT3 RS: the Ultimate 911 for High-Performance Drivers Atlanta. The new Porsche 911 GT3 RS breaks down the barrier between road-going sports cars and race cars. It is equipped with the maximum amount of motorsport technology that is currently possible in a street-legal 911 suitable for everyday driving. Extensive modifications to its drivetrain, aerodynamics, and lightweight design take performance to an even higher level than the 911 GT3. With a Nuerburgring Nordschleife lap time of seven minutes and 20 seconds, the new 911 GT3 RS surpasses the 911 GT3 by five seconds, making it the fastest current generation 911 on the famous German racetrack. The 911 GT3 RS is celebrating its world premiere at the 2015 Geneva International Motor Show. Motorsport expertise is the driving force behind this superior performance. The 911 GT3 RS is powered by a four-liter six-cylinder engine developing 500 hp and 338 lb.-ft. of torque, combined with a specially developed PDK transmission.