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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 service tech joyrides customer car, allegedly takes drugs on the way [UPDATE]

UPDATE: We've received and added an official statement from Audi Palo Alto. Dealerships get a bad rap. Stories about sleazy salespeople and overpriced service procedures abound, even though the reality is that most dealers are run by and employ honest, fair folks. But just because the bulk of dealers and their employees are good people, it doesn't mean some bad eggs won't slip through the cracks. Audi Palo Alto, in the heart of Silicon Valley, is finding this out the hard way after dash cam video of a service tech abusing a customer's car started blowing up on YouTube. In the video, which you can watch above, the unnamed service tech took YouTube user Carrera Chris's Audi – it's not clear what model, but it sounds like one of the company's higher-performance 3.0-liter, supercharged V6 models – for a rather spirited test drive. There are plenty of wide-open-throttle runs mixed in with some speeding – the dash cam's lower display shows 90 miles per hour at one point on the freeway – and you can hear the driver laughing throughout. None of this is too remarkable on its own, and maybe not enough to get the tech fired. Until, that is, he pulls into a parking lot and begins snorting something. The dash cam doesn't show the technician, so it's impossible to determine what substance – if any – the driver is allegedly taking. It could be coke, could be crushed up pills, or, hey, it could be a prescription nasal spray (it is allergy season, even in perpetually lovely northern California). Carrera Chris does say he found white powder in the seams of the driver's seat, so take that for what it's worth. There are five videos that include 12 minutes of footage – the one up top is a summary, while the four below show the alleged drug use and some more mundane footage. We've reached out to Audi Palo Alto's general manager, Jason Mattia. He wouldn't answer our questions over the phone, but did forward an official statement from the dealer. An unfortunate incident was brought to our attention earlier this week. We immediately began our investigation and have already taken action. We are working with the customer involved and have thanked them for bringing this matter to our attention. At Audi Palo Alto, we are proud to be a part of the San Jose community. We value and respect our customers, and our team of 75 employees strives to deliver the highest level of customer service.

Audi RS6 driven by former Stig Ben Collins egged on in 'The Duel'

Apparently driving a 553-horsepower Audi RS6 Avant with carbon-fiber egg launchers that shoot paint-filled eggs is what Stigs do when they retire from Top Gear. And unfortunately for stuntman Damien Walters, he happens to be the target.
Walters - on foot with his paint-eggs and no carbon-fiber launcher - couldn't possibly escape from the Audi, let alone launch his own offensive, could he? You'll have to find out in the video below. And while we won't give away what happens, we'll say this video will definitely put a smile on your face, if you like all-wheel-drive drifting (which you should). We also included a couple more videos for your enjoyment, one of which takes you behind the scenes of The Duel.