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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 exec denies plans for turbo R8

Sometimes smoke doesn't lead to fire. Rumors indicated Audi might drop a turbocharged engine into the latest R8, but now a top executive is throwing a bucket of cold water onto the burning speculation. "The performance potential of this current engine means we don't need to even look at turbocharging at this point," Jurgen Konigstedt, Audi development boss for V6, V8, and V10 engines, said to CarAdvice. He also said sticking with natural aspiration offered a better sound and sharper throttle response than going with forced induction. "There is less emotion with a turbocharged engine," he said. Konigstedt admitted there was a serious discussion about turbocharging the R8. The argument just didn't win out. "If we feel that people absolutely want a turbocharged engine, then we will have to consider it," he said to CarAdvice. Audi just launched a new generation of the supercar. The 2017 R8's 5.2-liter V10 will be available in two tunes: with 540 horsepower in the standard coupe or 610 hp in the Plus. Rumors have persisted about a smaller, forced induction powerplant at the bottom of the range. Some reports suggested a twin-turbo V6 behind the driver, but others said the electrically supercharged 2.5-liter inline five was a candidate. The reason for the entry-level addition was tied to lowering the taxes on the R8 in markets like China. Related Video:

Audi tech counts down red lights today, reduces traffic tomorrow

Audi announced today that in Washington D.C. and Las Vegas, select Audi Q7 and A4 models will be able to take advantage of new vehicle-to-infrastructure technology. The technology was developed with Traffic Technology Services and will allow drivers to see how long it will take for a traffic light to change to green. Compatible traffic lights will send information through servers operated by Traffic Technology Services to properly equipped Audis. This may not sound like an earth-shattering feature at first, unless you're a stoplight drag racer – if Audi has its way, it may shut off the timer at about 10 seconds to prevent such a thing – but the technology opens up the door to much more useful features down the road. Audi's general manager for connected vehicles, Pom Malhotra, suggested that the information could be used with "vehicle navigation, engine start/stop functionality and can even be used to help improve traffic flow." More specifically, navigation could account for traffic light timing to divert drivers to a more efficient and faster route. It could even suggest acceleration and speed to hit signals when they're green, minimizing stops and starts. Then, for engine start and stop features, the car could selectively shut off at long stops but remain on when approaching a light that's about to turn green. Traffic lights could also start adjusting patterns based on how many cars are approaching a light or are stuck at a light, alleviating slow-moving traffic. Vehicle-to-infrastructure communication could lead to roads that waste less time and less energy. While Audi didn't elaborate on this topic, vehicle-to-infrastructure technology could also be useful for future autonomous car technology. For instance, the car wouldn't necessarily have to "see" the actual traffic light. Instead, it could rely on a separate signal from the smart traffic light to know it has to stop or go. Going a step further, the technology could be used to manage traffic so precisely that traffic signals are no longer needed, as some other groups have investigated. And, of course, the aforementioned benefits in navigation technology would help autonomous vehicles make smarter route decisions as well. The feature is currently only available on Audi Q7, A4 and A4 allroads built after June 1, 2016. It's also only available as part of Audi connect PRIME, a subscription-based service that provides various infotainment and streaming features for your Audi. While D.C.