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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

Buy an Audi, get some free shoes

Audi is preparing to launch its annual Summer of Audi sales event, and while it might be a good time to get your hands on one of the brand's luxury vehicles, it's also a good chance to get your feet in a pair of exclusive Toms shoes. The shoemaker, which is famous for donating a pair of shoes to a person in need as part of its One For One program, plans to donate some 55,000 shoes as part of the Audi program. Here's how it works: anyone that leases or purchases an Audi – new or certified pre-owned – between June 3 and Aug. 4 gets a pair of the limited-edition shoes. Toms then turns around and donates shoes for children in need. "Through Toms One for One giving program Audi will help change the lives of thousands of children in the United States and empower new customers to be a part of this movement," Audi of America marketing director Loren Angelo said. "With Toms, we found a natural partnership. Audi aligns with likeminded companies that challenge the conventions of design and share a passion for progressive ideas." Expect to hear more about this program in the coming days as part of a television campaign featuring both the shoes and the RS7. Until then, check out the limited-edition kicks up top. Audi and TOMS® collaborate for limited-edition shoe designed exclusively for Audi buyers June 03, 2015 | HERNDON, Virginia TOMS One for One® giving program will provide 55,000 shoes to children in need this summer Customers who purchase or lease a vehicle during the Summer of Audi Sales Event will receive a pair of exclusively-designed TOMS iconic Alpargata shoes New Summer of Audi television commercial set to debut nationally Through an exclusive collaboration, Audi and TOMS have designed a limited-edition Alpargata shoe that will be available to Audi buyers during the Summer of Audi Sales Event (http://www.audiusa.com/myaudi/toms-partnership). From June 3 through August 4, customers* who purchase or lease a new or Certified pre-owned Audi vehicle will receive an offer for a pair of exclusively-designed TOMS featuring the four rings. In turn, through TOMS innovative giving program, 55,000 shoes will be donated to children in need. "Through TOMS One for One giving program Audi will help change the lives of thousands of children in the United States and empower new customers to be a part of this movement," said Loren Angelo, Director of Marketing, Audi of America. "With TOMS, we found a natural partnership.

Audi confirms new Q1 to cross over into smaller territory

The latest Q3 is smaller in every dimension than the Q7 that launched Audi into the crossover back in 2006. It's over two feet shorter, four inches narrower, five inches lower and rides on a wheelbase that's nearly a foot and a half shorter. But in Audi's eyes, it's still not small enough.
That's why the German automaker has just confirmed that it will proceed with production of the oft-rumored Q1 crossover. The new line will form just one of 11 new models which Audi aims to launch by the end of the decade, and will be built starting in 2016 at the main plant in Ingolstadt where Audi currently makes the A3, A4 and A5.
Audi isn't saying much else about the Q1, confirming only that it will be based on a modular transverse-engine platform. But contrary to the brand's Quattro-centric image, it has been rumored to be offered in front-drive form only. One way or another, the business case for expanding Audi's crossover range is as suitably rock solid: The Q family accounts for over a quarter of Audis sold worldwide, with the Q5 accounting for over half of that to stand as the most popular in the range.