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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

2016 Audi S8 Plus Quick Spin

Congratulations, that big promotion finally came through, and along with it, a new company car. So go big or go home. Never mind the modest A8 L, with the sensible six-cylinder. The Earth-moving A8 L with its powerful W12, perhaps? No way. You didn't get to the top by being timid or ostentatious, so you choose the new-for-2016 S8 Plus, with a 605-horsepower version of Audi's 4.0-liter, twin-turbo V8, available with an $11,000 Dynamic package that adds ceramic brakes, a sportier exhaust, a rear carbon fiber lip spoiler so tiny you are surprised it does anything, and a boost in governed top speed from 155 miles per hour to 190. Yeah, that's the ticket. The 85-horse boost in power over the outgoing S8 comes from different valve timing, new exhaust valves, and modified turbochargers. The S8 Plus is docile enough around town to carpool to the company luncheons, but point it towards some wide open spaces, and it's a blistering executive express. Driving Notes Much of our Florida test was done in conditions ranging from damp to deluge. Despite the fact that the Audi had summer tires on its 21-inch wheels, the S8 was startlingly sure-footed. Thanks, Quattro all-wheel drive, and a set of better-than-expected Dunlop tires. Power is linear and progressive, and the eight-speed Tiptronic transmission is prepared to downshift at a moment's notice, but is never busy or intrusive. We seldom used the manual shift paddles behind the steering wheel. The comparison between the Dodge Charger Hellcat and this S8 Plus is admittedly absurd, but they are big, heavy, four-door cars with monster motors. And while the Hellcat wants you to hear and feel every engine revolution and supercharger whine, the S8 Plus does all it can to shield you from the drama taking place under the hood. Which is why you look down and suddenly you're going 90. "Dynamic steering" allows for adjustments in steering feel, and we weren't fans in the stiffest setting – it felt notchy and artificial. Comfort mode felt more natural and still gives you all the feedback you need. "Adaptive sport air suspension," though, we had no problem with. It makes short work of potholes and irregular pavement, but firms up when you are cornering – admittedly, in Florida, we had to seek out the rare corners. This is a state with roads designed using a T-square. The aluminum body weighs just 510 pounds. The overall weight of 4,685 pounds, though, means there is still a lot of mass to slow down and steer through corners.

Audi design chief Egger leaving for Italdesign Giugiaro

Wolfgang Egger, Audi's chief designer, is leaving the company according to a Automotive News Europe, which cites a report from Germany's Automobilwoche. Egger won't be going far, though, remaining within the Volkswagen family and taking up head design position Italdesign Giugiaro, a VW subsidiary as of 2010.
Egger took over the position at Audi from Walter de Silva, and has been responsible most recently for the Audi A6 and A3, as well as the 2010 Quattro Concept and the E-Tron Concept. He previously was head of design at Lancia and then at Alfa Romeo, where he was responsible for the achingly gorgeous 8C Competizione.
If Egger does move to Italdesign, his successor is likely to be Marc Lichte, the Volkswagen designer behind the current Golf. Of course, these personnel changes haven't been officially confirmed, and Audi is thus far refusing to comment on either Egger or Lichte's possible career shifts. We'll stay with this one, so sit tight.