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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

Ford tumbles to second worst in Consumer Reports reliability survey, list dominated by Japanese [w/video]

It's no secret that MyFord Touch has had its share of problems since being introduced, but the most recent reliability survey from Consumer Reports shows just how much this infotainment system has affected Ford. Just two years ago, the automaker was in the top 10 for the institute's reliability rankings, but since then, it has tumbled to the second-lowest rung just above dead-last Jaguar. In addition to MyFord Touch, CR also attributes a handful of new products that have had issues right out of the gate.
Compiled from 1.2 million subscriber surveys, this year's auto reliability survey heavily favors Japanese automakers, with eight of the 10 spots hailing from Japan. Toyota brands grabbed the top three spots (Scion, Toyota and Lexus - in that order) with Mazda, Subaru, Honda and Acura filling the next four spots. The only non-Asian automaker cracking the top 10 was Audi at number eight.
Audi climbed a total of 18 spots from last year, and Cadillac and GMC round out this year's top gainers breaking into the top 15. Helping Cadillac's upward movement, the CTS Coupe was named the most reliable domestic car. Lincoln, Volvo and Chrysler join Ford on this year's biggest loser list.

Audi commits two R18 E-Tron Quattros to final Sebring race for LMP1 cars

We were baffled a few weeks back when the American Le Mans Series and Grand-Am Rolex Sports Car Series announced new classes that will make up their combined racing program in 2014. Gone from the list is the Le Mans Prototype class, otherwise known as LMP1. The LMP1 class has long been the top dog of endurance racing, both in Europe and the US, so we couldn't figure out why this newly minted racing series was jettisoning it like yesterday's donuts.
It appears as if Audi is confused by the move as well. The German brand has announced it will participate in this year's ALMS opening round, the famed 12 Hours of Sebring, as it does every year, and bringing two Audi R18 E-Tron Quattro hybrid race cars with which to compete. Unlike every other year, Audi is treating this year's race as its potential swan song in this famous Florida race.
There's a good reason that Audi is so fond of the 12 Hours of Sebring, as it debuted the gas-powered R8R there in 1999 that kicked off its participation in the upper echelon of endurance racing. The R8R preceded the R8, which debuted at Sebring in 2000 and won that race, starting an amazing career for that car that included five more wins at Sebring. The R8 was followed by the R10, then the R15 and R18, and finally we wind up at today's R18 E-Tron Quattro - all winners, all dominant, all exciting to watch.