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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

Another naked Porsche 911 GT3 RS caught in Stuttgart parking garage

With its reveal not expected until the Geneva Motor Show in April, we have to wonder why there'd be a rode-hard-put-away-wet 2016 Porsche 911 GT3 RS sitting out in the open, completely uncovered. It's one thing to be caught out on the street or in triplicate at a Swedish gas station, but it's another thing to be on what looks like daily driving duty – there's a child's seat in the passenger's throne. Instagram user Johan9ff snagged it, and in response to a query in German as to how, he answered in German (per Google Translate) that he found it in a parking garage in a fitness center in the Stuttgart suburb of Killesberg. Based on its muddy front lip and bug-spattered paint job, the coupe has been naked out on the street and traveling quickly. Out of its camouflage it looks just like we've been led to expect based on the patent photos and the recent winter spy shots, but this time we get an up-close view of the vents over the front wheels. We have one word to say about them: filthy. And if you're wondering about those turbo-like vents on the rear haunches, no, this isn't a GT2 – Porsche has said there won't be a GT2, the current race-certified GT3 RSR has those vents (occasionally found on the previous version as well), and the GT3 RS has already been leaked in scale-model form. This is it. Based on comments left on Porsche forums, production will be limited by the number of orders – the new engine won't meet European regulations coming into force, so it won't be manufactured after this year. Deliveries are said to start at the beginning of summer; those who bought the 918 Spyder will get first dibs, and you can be certain there won't be enough of these to go around. Speaking of that engine, it's said to be good for somewhere between 510 to 525 horsepower, a PDK transmission getting power to staggered wheels, 20-inchers in front, 21-inchers in the back. Johan9ff has slowly been posting Instagram photos of the beast, we're hoping he got at least one of the interior. Those seats looks mega. Bring on Geneva. Featured Gallery 2016 Porsche 911 GT3 RS News Source: Johan94ff via Instagram Spy Photos Porsche Coupe Luxury Performance

Porsche 911 Targa 4S special makes us want to go Dutch

There's a long list of things that make us love the Netherlands, and not all of them involve activities that would be illegal in most of the United States. Like this latest special edition Porsche 911, for example. Unveiled at AutoRAI 2015 – Holland's premier car show that opened last week – the Porsche 911 Targa 4S Exclusive Edition celebrates the 50th anniversary of Zuffenhausen's iconic partial convertible. It's decked out in Gulf blue, but instead of contrasting with bright orange, nearly everything else on this special Elfen is blacked out: The 20-inch Fuchs-style alloys, the throwback quarter-panel racing stripes, the LED headlight frames... everything but the signature Targa roof bar, which keeps its brushed metal finish. The interior is rather more subdued than you'd find on most special editions, with throwback houndstooth fabric seats and silver stitching. Power comes from the 3.8-liter boxer-six driving 400 horses to all four wheels through a seven-speed dual-clutch transmission. The Sport Chrono Package Plus, a sports exhaust, adaptive suspension and Bose audio system are all fitted as standard. Options include carbon-ceramic brakes, a seven-speed manual transmission and a 30-horse Powerkit. As the name suggests, though, this is a rather exclusive edition indeed. All fifteen examples will be made available exclusively in the Netherlands, priced from ˆ223,230 with the PDK or ˆ229,500 with the manual. That's more than you'd pay for a 911 Turbo Cabrio in the same country, and works out to more than $240k at today's conversion rates. Related Video: Speciaal voor Nederland: Porsche 911 Targa 4S Exclusive Edition - Zeer exclusief uitgevoerde 911 Targa 4S in Gulfblauw - 15 exemplaren om 50 jaar 911 Targa te vieren - Debuut op de AutoRAI Leusden, 16 april 2015 – Porsche Nederland presenteert op de AutoRAI 2015 de 911 Targa 4S Exclusive Edition. Dit model wordt in een oplage van 15 exemplaren door Porsche Exclusive geproduceerd om '50 jaar Targa' te vieren. Alle modellen zijn uitgevoerd in het herkenbare Gulfblauw met accenten in hoogglans zwart en lichtmetalen wielen in het klassieke 'Fuchs-design'. Elke 911 Targa 4S Exclusive Edition wordt geleverd met een fotoboek van de auto en het productieproces. Aansluitend aan de AutoRAI start de levering. De 911 Targa 4S Exclusive Edition is er vanaf ˆ 223.230. De 911 Targa 4S Exclusive Edition is speciaal voor de Nederlandse markt ontwikkeld ter ere van 50 jaar Targa.