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Porsche engine wizard Wolfgang Hatz resigns

Wolfganag Hatz has resigned from his position as Member of the Porsche Executive Board with responsibility for Research and Development. He has held that title since 2011. Hatz's storied career came to an abrupt end in September when he was suspended pending investigation into the Volkswagen diesel scandal. Before the Porsche job, Hatz was the head of engine and powertrain development for the Volkswagen Group. It has been alleged that he is at the center of the investigation into the company cheating on emissions testing, but so far there has been no direct link made to him, according to Porsche's announcement today. Hatz has worked at a variety of European automakers, including Audi, BMW, Opel, and Fiat. He is considered the father of the BMW S14 engine, which powered the E30 M3, and also developed the Porsche 911 Carrera RS 3.8. He was also very involved in Porsche's motorsports efforts, including the recent return to the prototype class and a short-lived F1 V12 engine project. Ulrich Hackenberg, most recently VW's lead engineer and a board member at Audi, was also suspended at the same time as Hatz and resigned shortly thereafter. It's not clear why Hatz waited so long to do the same, but Porsche claims his resignation was voluntary. Michael Steiner has been named Hatz's replacement as head of Porsche R&D. Steiner has been with Porsche since 2002 and seems like a forward-thinking sort, having headed the innovation and concepts division, lead Panamera development, and, most recently, been in charge of complete vehicle engineering. Prior to his time at Porsche, Steiner held positions at Daimler. The change in leadership is effective immediately. Related Video:

Watch Chris Harris in the electric VW ID.R waste a McLaren 720S

The Volkswagen ID.R doesn't have much in common with a McLaren 720S, other than the fact that they are both performance-crazed cars. One gets its power from batteries, the other from gas. One uses electric motors, the other a twin-turbocharged 4.0-liter V8. One is a halo prototype vehicle, the other is a road-legal supercar available for purchase. So when Chris Harris and "Top Gear" decided to "race" the two against each other, it was more of a demonstration of the VW's unreal capabilities than any sort of real competitive faceoff. In episode five of Top Gear's 28th season, which just aired February 23, the trio of Harris, Freddie Flintoff and Paddy McGuinness welcomed Youtuber KSI on the show and ventured out on a luxury sports car road trip with an Aston Martin, Porsche, and Ferrari. Separately, Harris took to the track to test out Volkswagen's golden egg of the moment, the ID.R. As VW fully launches into its electric-vehicle push, the ID.R is meant to exhibit what battery-electric technology is capable of. With two electric motors, one on the front axle and one on the rear axle, the 2,425-pound ID.R has four-wheel drive and makes a claimed 670 horsepower. As Harris notes in the video, the ID.R. was not built for a specific regulation-bogged racing organization or competition, and thus, it's only held back by the rules of Mother Nature and Father Physics. Since the car's debut, it has been annihilating records around the world, including at Pike's Peak, Goodwood, the Nurburgring, and Heaven's Gate. Chris Harris didn't set any records in the ID.R., but he certainly showed how outrageous this machine is. The 710-horsepower 720S can go from zero mph to 62 mph in less than three seconds, and the ID.R has a sizable lead within that same time. Again, this wasn't an instance of test-and-conclude, it was a show of perspective. The ID.R is a race car, so even though the 720S is one of the best supercars in the world, it never stood a chance. See for yourself above. Related Video:    

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