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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

Audi reveals new beefed-up A8 L Security

Audi claims is the lightest armored vehicle of its kind.
If there were ever a sedan that deserved the descriptor of "luxury," surely it's the Audi A8. Particularly in long-wheelbase form. But for many of Audi's wealthy customers around the world - namely those in developing markets - there can be no greater luxury than security. And for just those customers, Audi has announced the new A8 L Security.

2018 Audi A5 gets a manual and S5 gets 369 lb-ft of torque

Update: A previous version of this post incorrectly stated that the A5 was the only Audi model to offer a manual transmission with the 252-horsepower inline-four. Audi will offer the same combination on the A4 in the near future. The text has been updated to reflect this. When Audi revealed the new A5 and S5 coupes, we knew the elegant lines of the European model would come to the United States. But the big question was, would the drivetrains, and in particular, the manual transmission, come along? The answer is yes. The 2018 A5, with its 252-horsepower, 273 lb-ft of torque turbocharged four-cylinder, will be offered in America with both a seven-speed dual-clutch transmission, and a classic six-speed manual. These combinations will take an A5 to 60 mph in 5.6 or 5.7 seconds, respectively. The A4 sedan will also offer the manual with the same engine soon, in case you need an extra pair of doors. The four-cylinder model is also the only A5 model with a manual, since the turbocharged V6 S5 only comes with an 8-speed automatic. To make up for a lack of shifting involvement, drivers can take advantage of the S5's readily available torque. Like the Euro-spec model, our S5 will come with 369 lb-ft of twist, and it peaks at a stunningly low 1,350 rpm. That torque, combined with the engine's 354 horsepower, launches the S5 to 60 mph in 4.4 seconds. Every type of A5 or S5 also funnels its power through a Quattro all-wheel-drive system with torque vectoring. A5 owners can also personalize how their cars ride and handle, with either a sport suspension with different sway bars, shocks, and springs, or with the comfort adaptive damping suspension. The latter uses constantly adjusting electronic shocks for improved ride. The S5 has an available sports adaptive suspension that works similarly, as well as a dynamic steering option that can change steering ratios. Capping things off is an extensive list of gadgets and safety features, some standard, such as the LED interior lighting and panoramic sunroof, and others optional, such as Audi's Virtual Cockpit LCD instrument cluster and lane keeping assist. A new feature for the A5 line is the MMI touch system, which allows drivers to write in characters with their fingers. Something Audi hasn't revealed about the A5 and S5 is the pricing and availability, but those details should come soon. Related Video: Featured Gallery 2017 Audi A5 View 27 Photos Image Credit: Audi LA Auto Show Audi Coupe Luxury Performance quattro audi s5