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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

Will the Mission E be the world's first must-have EV?

The Porsche Mission E concept was recently green-lit for production and has a tentative production date just before the end of the decade. With the recent onslaught of all-electric technology, the question remains: Which automaker will release the first must have all-electric EV? Tesla has clearly gained experience in testing the worldwide appetite for luxury, six-figure EVs, having sold its 100,000th vehicle in just three years and six months. But it remains to be seen if automakers can truly manufacture the ultimate green driving machine. Audi has shown its R8 e-tron but acknowledged that it will be produced in only limited quantities. On the other end of the spectrum, vehicles like the Chevy Bolt and BMW i8 are being produced for mass consumption, but will they satisfy the enthusiast who is looking for more than a commuter car? Tesla's Model S has certainly raised eyebrows and collected accolades with "ludicrous" level straight-line performance, but how well will the vehicle stand up to long-term ownership for enthusiasts? Porsche has dismissed any notions of autonomous driving in its vehicles, suggesting that it will try to stay close to its high-performance roots. This would seem to suggest that despite all the forecasted performance cred of the Mission E – 582 horsepower, 0–60 in 3.5 seconds, and a 310-mile range – potential buyers may not be getting the latest and greatest in gee-whiz-bang autonomous technology. And while Porsche has offered that future iterations of its 911 and 718 may in fact use hybrid-assisted drivetrains, the execution of a true, mass-produced, all-electric sports sedan remains to be seen. One thing is for certain, unlike start-ups like Tesla, the larger, more established manufacturers have larger budgets and more time to invest in R&D. Consumers have raised expectations from the more mature automakers in terms of reliability and the overall finish of their products. The arrival of the Mission E production car may introduce us to electric sports sedans that emphasize performance over efficiency while still eliminating its carbon footprint. Related Video: Porsche Electric porsche mission e porsche mission e concept open road

Porsche Cayman GT4 spotted at the N?rburgring

It was just the other day that we first caught wind of Porsche's plans to build a GT4 version of the Cayman, and now we're already looking at spy shots of the vehicle in question undergoing testing at - where else? - the Nürburgring.
With more aggressive front-end aero, a GT3-style air vent ahead of the front hood, a large wing at the back, and spindly alloys packed with over-sized brakes at each corner, this Cayman is clearly more extreme than even the range-topping GTS. The rear diffuser and central exhaust tips look about the same as those you'd find at the back of the Cayman GTS, though.
What we can't see, of course, is what Porsche has slotted in under the rear glass, how it's upgraded the interior and how much weight it's stripped out of the thing to get it down to fighting weight, but you can bet it'll come with a substantial power bump and a stripped-out interior with racing buckets and little else to open the gap between it and the GTS... and close the gap to the 911 GT3 which it will join as the baby brother in Porsche's performance-focused lineup. Click above to view the double-batch of spy shots.