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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

The Aston Martin DB11 leads this month's list of discounts

We've got something of a broken record to report this month. The 2020 Acura NSX and 2020 Aston Martin DB11 have swapped places atop the discounts leaderboard for a fourth month in a row. For the month of March 2011, it's the British entry again in the lead. The DB11 earns top billing with an average discount of $24,614 off its sticker price, meaning buyers are paying an average transaction price of $177,206. That still a large suitcase full of bills, but at least it means buyers get to stare at a drop-dead beautiful coupe in their driveways with as much as 630 horsepower underhood. And if you love Aston Martin's svelte sense of style but don't want to spend quite so much money, you could always choose the 2020 Vantage that's selling for around $143,000. That's nearly $13,600 off that car's sticker, which is enough to land in seventh spot overall. Up next, as we've come to expect, is the Acura NSX. The hybrid-powered supercar from Japan is selling for $137,663 on average this month, which represents a $22,340 discount and seems like an exceptional deal for a 573-horsepower technological marvel that can scoot from 0-60 in just 2.9 seconds. That also represents the largest percentage of savings off the sticker this month. In third place for the month is the Audi R8, making March the second straight month that this trio of supercars has led the list of discounts. Buyers are saving $18,331 off the R8's sticker, which equals an average transaction price of $175,508. That's awfully close to the selling price of the DB11, for those lucky enough to be deciding between the two. Related Video: Driving Iron Man's Favorite Supercar, The Acura NSX | Translogic 215

2017 Audi TT RS arrives with 400 horsepower

If the Audi TT was ever considered to be more style than substance, that stereotype can be put to rest with the arrival of the new TT RS. Revealed in both coupe and convertible bodystyles at the Beijing Motor Show today, Ingolstadt's latest performance models boast 400 horsepower. And for nostalgic VW and Audi fans, this is still the only way to buy a five-cylinder engine. For those keeping track, that represents an increase of 60 hp over the previous version, accompanied by 354 pound-feet of torque. Channeled to all four wheels in typical Quattro style, those 400 horses will propel the TT RS to 62 miles per hour from a standstill in as little as 3.7 seconds. That's enough to undercut the new Porsche 718 Cayman S by a good few tenths, and will leave the vast majority of drivers on the road or track looking at its pair of oval tailpipes, OLED taillights, and fixed rear wing rather than the new front end with its oversized air intakes. Those lucky enough to find themselves inside the new TT RS will find a pair of low-slung bucket seats along with standard TT fare like a 12.3-inch Virtual Cockpit display, Audi Connect infotainment system, and inductive smartphone charging. US pricing and availability are still being worked out, but Audi of America spokesman Mark Dahncke tells Autoblog that the new TT RS will arrive in showrooms Stateside "sometime next year." Overseas the new model is set to launch in the fall. The starting price of ˆ66,400 euros listed for Europe works out to nearly $75k at current exchange rates. More tellingly the TT RS price is just above the ˆ64,118 that Porsche charges for the new 718 Cayman S. This is clearly one bout of sibling rivalry that's just heating up. Related Video: Dynamic duo: Audi TT RS Coupe and Audi TT RS Roadster Audi is sending the most powerful TT ever into the competitive field. Its newly developed five-cylinder engine delivers 400 hp – accompanied by unmistakable engine sound. The Coupe and Roadster are celebrating their world premieres at the Beijing Motor Show. Muscular front end, large air inlets, low-positioned spoiler, fixed rear wing – at first glance, the Audi TT RS* clearly hints at just how much power there is under its streamlined skin. Its new five-cylinder aluminum engine delivers 400 hp, which is 60 hp more than the power of the previous model.