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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

2017 Audi R8 starts at $164,150 [w/video]

The new 2017 Audi R8, which offers 540-horsepower and 398-pound-foot of torque from its V10 engine alongside Quattro all-wheel drive and a seven-speed S-Tronic dual-clutch transmission, will start at $164,150 (including destination). That's about $47,000 more than the previous entry-level R8, but since that car was down two cylinders, 110 horsepower, and 82 pound-feet of torque, it's kind of an apples-and-oranges comparison. There's a much fairer comparison if we look at Audi's newest supercar in relation to the 2015 R8 V10. On the one hand, the loss of the $155,150 manual transmission model kicks the starting price up noticeably, but perhaps in recognition of that, Audi hasn't adjusted the two-pedal R8 V10 at all. It's the same price as the 2015 model while adding 15 more horsepower, seven more pound-feet of torque, and a tenth of a second to the 0-60 time, which is now estimated at 3.5 seconds. Don't worry – the 2017 R8 adds four miles an hour to its predecessor's 195-mph top speed. While under-the-skin changes for the standard R8 V10 may look modest at first glance, the updates Audi added to the V10 Plus are significant, and the automaker has raised the price to reflect that fact. On the one hand, the new range-topper was kicked up by $7,400, to $191,150. On the other hand, power is up by 60 ponies to 610 hp, and torque has jumped from 398 lb-ft to 413. The 0-60 time has been trimmed by a tenth of a second, and owners will also be able to hit 205 mph, up from the old V10 Plus' 198-mph max. To reflect the new pricing announcement, Audi prepped an entertaining video featuring Radio Le Mans announcer John Hindhaugh to "hand the baton" from the original R8 to its second-gen successor. Check out the video below, alongside the official press blast. Audi of America announces pricing for the all-new 2017 R8, the fastest and most powerful Audi production model ever January 20, 2016 | HERNDON, Virginia More powerful and more dynamic than its predecessor, the R8 V10 plus generates 610 hp and 413 lb-ft of torque reaching a top track speed of 205 mph The all-new Audi R8 and R8 LMS racecar were co-developed and share approximately 50 percent of the same parts, including the V10 engine Track-tested around the world, the R8 LMS will make its US racing debut at the ROLEX 24 at Daytona on January 30, 2016 Faster, more efficient, and more capable both on and off the racetrack, the all-new 2017 R8 is the most powerful Audi production model ever.

Audi unveils A3 Sportback G-Tron with bi-fuel power, 808-mile range

By this time next year, the Audi A3 Sportback will be offered with a variety fuel-efficient powertrains ranging from diesel to the all-electric E-Tron, but perhaps the most interesting is the all-new G-Tron model, which uses Audi's innovative carbon-natural compressed natural gas called e-gas. Previously called A3 TCNG, we first heard about this technology last year, but now Audi has confirmed that this low-emission, sustainable-fuel will debut by the end of this year on the A3 Sportback G-Tron.
To create this e-gas, a plant in Werlte, Germany uses electricity to split water into hydrogen and oxygen. As hydrogen fuel cell vehicles become more popular, Audi says that this process could also be used to produce hydrogen fuel, but to create CNG, it mixes the hydrogen with carbon dioxide to create "synthetic methane." Since it is identical to the CNG available today, Audi's e-gas can be shipped and stored using the existing CNG infrastructure. Making the whole process even greener, Audi obtains the CO2 for this process from a nearby biogas plant, which would otherwise be released into the atmosphere.
Differentiated from the regular versions of the A3, the G-Tron features a pair of tanks under the rear cargo floor holding 15.43 pounds of CNG, which can power the car for almost 250 miles. What's more, the A3's conventional gasoline tank is still in place, giving the car an addition 560 miles of range. In total, that means the A3 G-Tron has a driving range of more than 800 miles. To run on both CNG and gas, Audi made changes to the car's 1.4-liter four-cylinder engine (including the turbo, cylinder head and fuel injection system) and catalytic converter.