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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

Choose your own adventure in Audi's next Super Bowl commercial

Audi has a 60-second spot planned for this year's Super Bowl to promote its S6 sedan, but exactly which spot will air is being put in the hands of Internet users. The ad follows a high schooler as he "embarks on one of the most pivotal moments of his adolescence: prom night." The spot is fixed up to the pivotal moment when he steals a kiss from the prom queen. From that moment, there are three possible endings.
Today, up until 11:59 pm, Audi is running three different versions on its YouTube channel and you can vote on which ending you'd like to see during The Big Game. The winning spot will run on YouTube before the game and then run in the first ad break after kickoff during the Super Bowl. Coca-Cola is running a similar interactive campaign, although its potential endings will involve cowboys, showgirls and a post-Apocalyptic badass, none of which we expect to make it into Audi's prom night spot. Scroll below to view all three alternate ending videos and cast your vote.

2017 Audi A4 Allroad ups the Avant

Can't decide between a wagon and a crossover? Audi offers both, of course, but it will also split the difference with the new A4 Allroad Quattro. It's based on the latest A4, but offers the extra cargo space, rugged look, and increased ride height of a crossover, without the added bulk that usually goes with it. Unveiled today at the Detroit Auto Show, the new A4 Allroad starts life as an A4 Avant wagon, but features a number of upgrades that ought to appeal to the elegantly outdoorsy among us. All-wheel drive comes standard, of course, and ride height is increased by a little less than an inch. Combined with the larger wheels, that nets 1.3 inches more ground clearance for getting through snow banks and whatnot. The suspension uses a five-link setup at both ends. The rugged look is further accentuated by the flared fenders, new rear bumper, underbody guard plates, and roof rails. Otherwise it's essentially the same as the new A4 we've already seen. Motivation is provided by a range of TFSI and TDI engines ranging from 150 horsepower to 272, mated to either a six-speed manual, seven-speed dual-clutch, or eight-speed automatic transmission. That, of course, is on a global scale, with details on US pricing and availability to follow. In the meantime, you can scope out the live images from the floor of the Cobo Center in the gallery above, and the full details in the press release below. Perfect companion in any situation: the new Audi A4 allroad quattro - 34 millimeters (1.3 in) more ground clearance and "offroad" mode - Extroverted, individual design and extensive equipment - Powerful TFSI and TDI engines, quattro drive standard The new Audi A4 allroad quattro* embodies a unique concept: It combines high driving comfort with off-road qualities, thus enjoying a unique position in its segment. Thanks to the standard quattro drive and increase ground clearance, it also keeps on driving where the paved road ends. The new Audi A4 allroad quattro is defined by its individual look. The powerfully flared wheel arches and the rear bumper attract attention. They are finished in matt structure gray or painted in the body color. The robust underbody guard and the rear diffuser are finished in selenite silver. The sporty, distinctive front end with jagged headlights, unique bumper and model-specific air intakes underscores its extroverted character. Vertical chrome slats adorn the sculpted Singleframe grille.