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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 'rightsized' 2.0 TFSI engine for next A4

Downsizing engines is a trend sweeping the industry. It's not a new thing, and downsizing helps automakers cut fuel consumption and emissions while employing techniques like turbocharging and direct injection. Audi, however, is taking a different approach with its latest engine. Revealed at the Vienna Motor Symposium in Austria is Audi's newest trick powertrain. Where others are going with smaller engines, Ingolstadt's latest displaces a nice round 2.0 liters, employing a shorter intake time to use less fuel. It's sort of like the Miller cycle that Mazda brought to market on the old Millenia, only turbocharged (instead of supercharged) and brought up to date. Audi calls the four-pot "rightsized," producing 190 horsepower and 236 pound-feet of torque across a broad rev range, while getting 47 miles to the gallon – and that's on the US cycle, which is tougher than the European standard a company like Audi would usually quote. In short, it's designed to provide power where needed but only sip at the fuel tank when it's not, but the geekiest among us will want to delve into all the intricacies outlined in the announcement below. The engine is set to power the next-generation A4 before being rolled out in additional models in the future. Ingolstadt/Vienna, 2015-05-07 World premiere at the Vienna Motor Symposium: new high-efficiency engine from Audi - New 2.0 TFSI four-cylinder engine with innovative combustion method - Top figures: 190 hp, 320 Nm (236.0 lb-ft), less than 5 l/100 km (47.0 US mpg) - To be implemented in the new Audi A4 by the end of 2015 - Prof. Dr. Ulrich Hackenberg: "A prime example of the Audi rightsizing strategy" Audi presents the most efficient two-liter gasoline engine in its class. The new 2.0 TFSI with 140 kW (190 hp) demonstrates the engine expertise of the brand – with a ground-breaking new combustion method. Audi will be using the engine for the first time in the next generation of the A4. Over ten years ago, Audi was the first manufacturer worldwide to bring the TFSI engine with turbocharging and direct injection into series production. This made the brand with the four rings the trendsetter in downsizing and downspeeding. "We're now taking a crucial step further with rightsizing," said Prof. Dr. Ulrich Hackenberg, Member of the Board of Management for Technical Development at AUDI AG.

12 new cars that will never go out of style

Some cars never go out of style. It’s rare, but it happens. They get old. They get depreciated. But they never stop looking cool.  Some might call them modern or instant classics. Within a few years theyÂ’re no longer the latest and greatest, no longer the flavor of the month, but they remain special. Eternally special. Timeless.  These cars arenÂ’t necessarily going to be worth a fortune someday. However, some may not depreciate as rapidly or as far as other models. But thatÂ’s not what weÂ’re talking about here. These are the cars that enthusiasts will always find desirable from the curbside. TheyÂ’re the cars you end up shopping on eBay late at night 10 years later because you canÂ’t get them out of your head. TheyÂ’re the cars that will forever excite you when you spot a clean one in traffic or in a parking lot.  There are plenty of recent examples over the past couple of decades that could count as instant design classics. But then we got to thinking, what 2021 models will be forever cool to stare at? Which new cars and trucks on sale today will we be shopping on eBay late at night in the 2030s? We kept supercars and other ultra-expensive cars off the list to keep things within the realm of attainability, and ended up with 12 total cars. Lexus LC WeÂ’re not applying a numerical ranking to any of the cars on this list, but if we were, the Lexus LC would be No. 1. There isnÂ’t another car design out there that can stir our emotions the way an LC can when itÂ’s just standing still. This car is a concept design come true in the most beautiful of ways, and itÂ’s a shoo-in winner for Concours events decades into the future. All of this heaping praise, and we havenÂ’t even gotten to the LC 500Â’s intoxicating 5.0-liter V8. It doesnÂ’t win drag races. It wonÂ’t be the fastest around the track against any similarly-priced competition. But none of that matters. ItÂ’s quite possibly the best car you can buy new, and that says it all when it comes to the LC. Chevrolet Corvette It might not be the stunner that the Lexus LC is, but the new C8 Corvette is and will always be a special vehicle. ItÂ’s the first mid-engine Corvette, which instantly cements it into an automotive hall of fame section of sorts. All of the performance stats and specs are there to back up its supercar-like looks, and it remains the best performance bargain on sale today.