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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

Comparison test: 2019 Acura RDX vs. compact luxury SUV competitors

Truth be told, if we were to compare the all-new 2019 Acura RDX with those compact luxury crossover SUVs it would most likely be cross-shopped against, you'd be looking at a different list. Even Acura admits that Lexus and Infiniti are the most likely bogies, but with the 2019 RDX, Honda's luxury brand is attempting to attract those customers who think as much with their hearts as with their heads. And for the most part, those folks have been buying from German brands: the Audi Q5, BMW X3 and Mercedes-Benz GLC-Class. So, to show how the new RDX compares to them, Acura actually provided examples of each during the recent press drive along with a Volvo XC60. All were determined to have greater emotional appeal than the last RDX, and we would certainly agree. For, as much as the previous-generation RDX made sense on paper, it was really hard to get excited about it. And when you're paying extra for a luxury vehicle, shouldn't you get a little excited? Well, as luck would have it, Consumer Editor Jeremy Korzeniewski and I were on hand in Whistler, British Columbia, for the press launch. We didn't have an abundance of time in each RDX competitor, but in conjunction with our usual comparison chart, our impressions should provide a good first taste of how the new RDX compares. Performance and fuel economy Contributing Editor James Riswick: On paper at least, the RDX is gutsier than its comparably powered European rivals. It also weighs the same or less, which logically should mean it'll be the quickest in a straight line. During my brief drives, though, I'm not sure it really stood taller than the three Germans. It at least matches them for smoothness, which is something that can't be said about the Volvo. Fuel economy is lower than them all when you consider all but the Mercedes come standard with all-wheel drive. It's also worth noting that all the competitors are available with engine upgrades, and unless Acura's forthcoming resurrection of Type S models includes the RDX, it should stay that way. Consumer Editor Jeremy Korzeniewski: Line 'em all up in a drag race, and I have a feeling the Acura would squirt away to victory. A good bit of that, though, would be due to its 10-speed automatic transmission, which offers a huge spread of ratios and fires off extremely quick shifts. In the real world, I'd guess fuel economy will be similar across the board, so I'm willing to call that category a draw.

Five cylinders, no waiting | 2018 Audi TT RS First Drive

A five-cylinder engine is an odd duck in the modern automotive world, so why put it under the hood of a sophisticated sports car like the 2018 Audi TT RS? We're posing this question to an engineer when a loud, guttural sound interrupts the conversation. A TT RS blasts by, growling and percolating as it shoots down the front straight of the historic Circuito del Jarama in Spain. Oh, that's why. The RS treatment brings the sound and the fury to the TT, transforming a cute, sporty little car into a sports car with mettle. With 400 horsepower channeled to all four wheels, a stiffer suspension, and styling flourishes like organic LED taillights, the RS makes for a big-time upgrade over the 292-hp TT S and the mild-mannered 220-hp TT. Who wants a four-cylinder, anyway? We're considering the five-pot's potential as we mash the throttle and explode onto Jarama, an old Formula 1 course that still looks ready to host top-level racing. There's a couple of long straights and lots of curves and elevation changes. Sure, it's a bit trite to praise a sports car after a few laps in a controlled setting, but the TT RS has legit performance chops. The engine sounds just as good inside the car as it does to spectators, and it's more satisfying since we're the ones provoking the five cylinders to anger as we approach triple-digit speed. It's all real, too. There's no pumped-in sound or fake flatulent exhaust. "It's the unadulterated sound of the engine – we didn't change it," says Philipp Ade, Audi technical project manager for powertrain. Speaking trackside through an interpreter, he admits the exhaust system adds resonance but also filters out other noises to produce a clean engine note. Trust us, you'll want to tune in. The five-cylinder is not a glorified sound check. It's a new engine developed for Audi's smaller performance cars, though the TT RS is the only one confirmed for the United States. The 2.5-liter mill uses aluminum for its block and crankcase and magnesium for the oil sump. This all results in a 57-pound weight loss compared with the old five-cylinder, which was last sold in the US market in the previous-generation TT RS for the 2012-13 model years. That car was brought to the states after a Facebook campaign. This time there was no doubt Americans have an appetite for the hottest TT. A non-enthusiast will wonder: why the fuss over a five-cylinder engine? To Audi and its band of loyal followers, it's a defining element of performance.