2010 Audi Q5 Prestige on 2040-cars

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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

40+ cars that barely avoid the gas guzzler tax

The Gas Guzzler schedule, with mpg ratings and charges that haven't changed since 1991, lays out which fuel-swillers owe what to Uncle Sam.
I started thinking about the "Gas Guzzler Tax" - considerably less well known as The Energy Tax Act of 1978 - when I was driving Dodge's new Challenger SRT Hellcat last week. Unsurprisingly for a car that can burn 1.5 gallons of gas per minute at max tilt, theoretically able to empty a full tank of premium in about 13 minutes, the Hellcat will be subject to the Gas Guzzler Tax schedule when it goes on sale.

Audi will launch electric line with E-Tron SUV

With BMW and Mercedes both building electric sub-brands, one automaker has been left out of the electric conversation: Audi. However, information from Autocar helps shed some light on the Audi electric situation, and it starts with an SUV. Autocar spoke with Audi chairman Rupert Stadler, who said Audi's new electric SUV will be called the E-Tron. He told the publication the naming scheme would be similar to how Audi introduced Quattro all-wheel drive with a car named after the feature. Also like Quattro, Stadler said other Audi models with electrified powertrains will receive E-Tron suffixes. In a way, it will be like BMW's naming scheme with the i sub-brand; some models are just referred to by the i designation, while normal models with hybrid or electric powertrains have names such as iPerformance. Autocar also revealed that other electric-only E-Tron models will come later, probably in the forms of a hatchback and a sedan. This news also shows that Audi hasn't given up on electric car development. Just last week, the company killed off its R8 E-Tron electric supercar. While the move raised some eyebrows here, since the R8 E-Tron could have been a great electric halo car for the new brand, it seems Audi is more interested in mass-market electric vehicles. The R8 E-Tron, which cost $1,000,000, sold fewer than 100 units and could only be purchased by getting in touch with Audi directly, didn't really fit that bill. Related Video: Featured Gallery Audi E-Tron Quattro: Frankfurt 2015 View 10 Photos News Source: AutocarImage Credit: Copyright 2016 Jonathon Ramsey / AOL Green Marketing/Advertising Audi SUV Electric e-tron quattro r8 e-tron