Vw Baja Bug on 2040-cars

Auto blog

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

Audi says fixing diesel emission problem is simple

Audi reportedly has a simple repair nearly ready to fix the emissions problem on 85,000 vehicles with the 3.0-liter TDI V6 in the US. "Swift, straightforward and customer-friendly solutions are in discussion," company exec Rupert Stadler told workers in Germany, according to Reuters. In late November, Audi announced that the 3.0 TDI had three previously undisclosed auxiliary emission control devices, including one that was potentially considered a defeat device under US law. At the time, the German automaker claimed it could repair the problem with just a software update. Stadler's statement indicates that just such a simple fix might be on the way. Even before Audi's disclosure of the emission control devices, the Environmental Protection Agency issued a notice of violation against the 3.0-liter TDI for allegedly having software to defeat emissions tests, and the agency later expanded the scope to any vehicle with the engine from 2009 through 2016. The affected models include the Audi A6, A7, A8, Q5, Q7, Volkswagen Touareg, and Porsche Cayenne. New diesel versions of these vehicles have a stop-sale. Audi offered owners of affected vehicles the same $1,000 Goodwill Package that parent company VW offered to its affected diesel owners. The money is split up into a $500 gift card and $500 to spend at the Audi dealer. The package also comes with extended roadside assistance. Audi needs to find a solution quickly because it's under a 45-day deadline from the California Air Resources Board to submit a recall plan for the 15,000 vehicles with the 3.0 TDI in the state. The automaker also must include a report on any effects to fuel economy and performance from the proposed repair. Related Video:

Volkswagen Cross Coupe GTE concept previews new midsize CUV... again

Volkswagen has taken a big step towards the long-awaited second model to be built at its Chattanooga, TN factory, introducing the two-row Cross Coupe GTE Concept at the 2015 North American International Auto Show. The relatively handsome two-row crossover borrows its basic styling language from the CrossBlue Concept that launched at the 2013 Detroit show (that we later had a brief chance to drive), and the CrossBlue Coupe from that year's Shanghai Motor Show. To be entirely frank, it just looks like a much more production-ready version of the Shanghai concept. The more aggressive elements of that model, like its rear taillights, rounded wheel arches, and aggressive front and rear fascias, have been toned down considerably. In other words, this concept almost wouldn't look out of place on the average road. Changes in the cabin are similarly minor, with the same basic design as the CrossBlue, complemented by a 12.3-inch digital instrument cluster and a 10.1-inch touchscreen display. While it's still quite clearly a concept car interior, it's not hard to imagine VW transitioning this cockpit into a production model. Riding atop the Volkswagen Group's MQB architecture – making it a relative, albeit distant, of cars like the VW Golf, Audi TT and the Euro-market Passat – the Cross Coupe GTE is motivated by a 3.6-liter VR6 that's been mated to not one, but two electric motors (one on each axle). The gas engine offers up 276 horsepower and 258 pound-feet of torque, while the front axle's electric motor generates 54 hp and 162 lb-ft of torque, and the rear can deliver a more robust 114 hp and 199 lb-ft of torque. That cacophony can be easily boiled down to this: the Cross Coupe GTE has a total system output of 355 hp and 280 pound-feet of torque, which is good enough to get the five-seater to 60 miles per hour in six seconds, on to a top speed of 130 miles per hour. As a plug-in hybrid, though, there's more to the Cross Coupe GTE then just its power output. Range plays a big role, and in that regard, this concept is fairly average. It can cover 20 miles when its 14.1-kilowatt-hour lithium-ion battery is charged up. Beyond that, the drivetrain can be set to a number of modes to optimize the behavior of plug-in-hybrid powertrain. In E-Mode, which can be locked in via a battery hold/battery charge mode, all 20 miles of range are available, although the Cross Coupe's driver will only have the 114-hp rear axle electric motor to work with.