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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

Jaguar Land Rover seeks to block U.S. imports of Porsche, Audi, Lamborghini, VW SUVs

You wouldn’t know it was about Jags and Lambos, to judge by its rather dry name: In the Matter of Certain Vehicle Control Systems. But thatÂ’s the complaint Jaguar Land Rover Automotive Plc filed on Thursday to block U.S. imports of Porsche, Lamborghini, Audi and Volkswagen sport utility vehicles it says are using its patented Terrain Response technology without permission. Jaguar Land Rover, a British carmaker owned by IndiaÂ’s Tata Motors Ltd., said in its filing with the U.S. International Trade Commission that the technology helps negotiate a “broad range of surfaces” and is a key feature in JaguarÂ’s F-Pace and Land Rover Discovery vehicles. “JLR seeks to protect itself and its United States operations from companies that have injected infringing products into the U.S. market that incorporate, without any license from JLR, technology developed by JLR and protected by its patent,” JaguarÂ’s lawyer, Matthew Moore, said in the filing. Representatives of Volkswagen didnÂ’t immediately respond to emails seeking comment on the complaint. Jaguar wants to block imports of PorscheÂ’s Cayenne; LamborghiniÂ’s Urus; AudiÂ’s Q8, Q7, Q5, A6 Allroad and e-tron vehicles; and VWÂ’s Tiguan vehicles. It said there are plenty of other luxury midsize SUV and compact crossover vehicles to meet consumer demand if the SUVs are banned from the U.S. Still, the premium Porsche and Audi lines provide much of the profit VW is using to fund its investments in technology for electric vehicles, autonomous vehicles and further innovations. In addition to the four brands, Volkswagen Group owns other upscale nameplates, including Bentley and Bugatti. The International Trade Commission is an independent, quasi-judicial agency that investigates complaints of unfair trade practices, like patent infringement. It canÂ’t award damages but does have the power to block products from entering the U.S. Owners of patents and trade secrets like it because it can work faster than the federal district courts -- the typical investigation is completed in 15 to 18 months. But Jaguar also filed patent lawsuits against the companies in federal courts in Delaware and New Jersey, seeking cash compensation for the use of the technology. Those cases are likely to be put on hold once the trade commission launches its investigation. The case is In the Matter of Certain Vehicle Control Systems, 337-3508, U.S. International Trade Commission (Washington).

Audi 3D-printed this tiny Type C racer, we want to drive it

See this little guy? No, not the one driving – that's Professor Hubert Waltl, Audi's head of production and Volkswagen's chief toolmaker. The thing he's driving, though, is a 1:2 scale replica of the 1936 Auto Union Type C. And it was 3D-printed entirely in house. Not in one piece, mind you. It's too big for that. But the Audi Toolmaking division employed metal printing technology to fabricate all the parts that went into this replica of one of the most dominant of the Silver Arrow grand prix racers of the pre-war era. It's essentially like the pedal car Audi rolled out nine years ago, or the E-Tron concept it showed us nearly five years ago. Only this one uses more advanced manufacturing techniques. Aside from making us want to drive it like nobody's business, the half-sized vehicle serves to showcase the advancements which Audi and the VW Group are making in manufacturing – particularly in the area of 3D printing. The German automaker presently has the technology to print laser-melted layers of metallic powder – either steel or aluminum – with grains measuring half the diameter of a human hair. The equipment can handle objects as large as 7.9 inches high by 9.5 inches wide – which, as small as this little car looks, is still a bit too large to simply print out in one piece. Audi Toolmaking prints "Auto Union Typ C" - Exact model of the "Silver Arrow" from a 3D printer - Audi Board of Management Member for Production Prof. Dr. Hubert Waltl: "This underscores our pioneering role in toolmaking." From powder to a component: With a 3D printer, Audi Toolmaking has produced a model of the historical Grand Prix sports car "Auto Union Typ C" from the year 1936. The company is now examining further possible applications of metal printers for the production of complex components. At the same time, Audi is creating important synergies with toolmaking in other parts of the Volkswagen Group. "We are pushing forward with new manufacturing technologies at Audi Toolmaking and at the Volkswagen Group," stated Prof. Dr. Hubert Waltl, Audi's Board of Management Member for Production and Head of Toolmaking at the Volkswagen Group. "Together with partners in the area of research, we are constantly exploring the boundaries of new processes. One of our goals is to apply metal printers in series production." The Volkswagen Group has a total of 14 toolmaking units in nine countries. Under the leadership of Prof. Dr.