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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 to launch 600-hp RS6 Avant Plus?

Much to the dismay of many - but apparently not enough - there's a whole category of power wagons available overseas that we just can't get our hands on. While the Mercedes-Benz E63 AMG Estate and Cadillac CTS-V Sport Wagon are both available Stateside, the recently revised Mercedes-Benz CLS63 AMG Shooting Brake, the Jaguar XFR-S Sportbrake we recently drove at the Nürburgring and the Audi RS6 Avant remain out of reach for American buyers. They all stand on more-or-less equal footing, with forced-induction V8s producing around 550 horsepower. But Audi is apparently taking things over and above with a new RS6 Plus.
Revealed ahead of schedule on a British dealer's website (which leaked details accompanied by a stock photo of the existing model), the RS6 Avant Plus will apparently keep the same 4.0-liter twin-turbo V8, but upgrade from 560 hp to a nice, round 600 to put it ahead of the competition and in league with supercars. Considering that the existing RS6 Avant is already capable of cracking the four-second barrier to 60 and tops out at over 190 miles per hour, we're sure the Plus version will positively annihilate the Autobahn, all while bringing your whole family along for the ride.
Unfortunately it doesn't look any more likely that Quattro GmbH's latest Plus model will make the transatlantic journey to American showrooms, but we can hope that maybe Audi will perform similar modifications on the RS7 Sportback we do get here.

This gold wrapped R8 is how Audi celebrates an award

We like to think some awards (our Tech of the Year, for example) are more valued than others. Even so, Audi wasn't going to let its winning the Golden Steering Wheel award from Auto Bild go unnoticed, and this gold chrome R8 ought to do the trick. On display now at the Audi Forum in Neckarsulm, Germany, this Audi R8 V10 Plus is all decked out with a gold chrome wrap, similar to what rival Mercedes rolled out in Cannes a few years ago, but with a tone-on-tone satin gold stripe up the center, flanked by black pinstripes for extra contrast. Fortunately the accents – including the wheels, grilles, mirrors, air scoops, and rear wing – were left in black (albeit glossy) rather than chromed up. It looks just as shiny as the mirror-finish Bugatti Veyron displayed at Autostadt 300 miles north in Wolfsburg. Opened a decade ago, the Audi Forum Neckarsulm is one of two such locations run by the German automaker, alongside the one at its headquarters in Ingolstadt. Situated between Frankfurt and Stuttgart, the Neckarsulm facility includes displays from the company's collection, a customization studio, restaurant, a 4,000-square-foot shop, and a concert space. Customers can also pick up their new wheels direct from the factory at the Neckarsulm location, which is also where Audi operates one of its principal assembly plants – and where Quattro GmbH builds the R8. Following the original that debuted in 2006, the new second-generation R8 was introduced earlier this year at the Geneva Motor Show. It eschews the V8 available in the previous version exclusively for the 5.2-liter V10. In the Plus spec pictured here, it produces over 600 horsepower, channeled to all four wheels through a seven-speed dual-clutch transmission. The R8 won the Goldenes Lenkrad award this year in the sports car category, alongside the Audi A4, Opel Astra, Hyundai i20, and the BMW X1, 2 Series Gran Tourer, and 7 Series. Related Video: X The video meant to be presented here is no longer available. Sorry for the inconvenience. Featured Gallery Audi R8 V10 Plus in gold chrome at Audi Forum Neckarsulm News Source: Audi Forum Neckarsulm via Facebook Audi Coupe Performance Supercars award gold chrome