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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 S6 Quick Spin [w/video]

Back in my salad days, when I was rocking a the greatest Civic Si of all time, the occasional pair of leather pants, and a yen for malt liquor and grass (both of which quickly put an end to the leather pants), a car like the 2016 Audi S6 would've made my head explode. "What's that?" I might have asked. "A roomy four-seat Audi with more than 400 horsepower and all-wheel drive, that looks like it was sculpted by Ralph McQuarrie? Pushing 30 mpg and under five seconds to 60 miles per hour? The hell you say." And that's even before Future Me showed Skinny Me an interior full of carbon fiber and aluminum, God's own quilted-leather sport buckets, and a 'radio' that would've made my Dreamcast look like an Atari 6400. (If you haven't picked up on the vibe yet, I was kind of a weird nerd in the late '90s.) Gentlemen, we live in the future; I just drove a mid-cycle-refresh Audi that proves it. Driving Notes The 4.0-liter, turbocharged V8 is tailor-made for smoothly pulling around anything less-well-endowed than the M5/E63/CTS-V set. Now up to 450 horsepower and 406 pound-feet of torque (versus the 420 hp and 406 lb-ft of last year's model), there's enough pull in the easily accessible powerband to satisfy all but lunatic drivers. It doesn't feel staggeringly fast, but that's only because 500 horsepower has become so commonplace in the new uber sedan game. It's quick enough. Remember when 250 hp was a crazy number? The car sounds like it has a V8, too. That may seem obvious, but in Generation Direct Injection things tend to get a bit clattery. You'll get some of that if you open the hood with the engine running (as I did in one of the Short Cuts above), but none where it counts: behind the wheel, windows up, stereo down, foot to the floor. That recipe delivers a hushed, baritone-sung song about understatement. Less subtle is the braking force when used at or near the top of its ability. After a moment of surprise and delight while decelerating in normal traffic, I went back-road hunting to test a few pseudo panic stops. Vented 15.7-inch front discs, with 14-inchers in the rear, provided a fast and steady haul-down from 70 miles per hour. Remember when wheels were 15 inches? I mean, you need those big brakes and potent engines to move and stop a car this hefty. With a base weight of 4,486 pounds – no doubt heavier still in my loaded, Dutchman-driven example – it still kind of blows my mind to see the 27-miles-per-gallon highway number.

Malaise Era All-Stars

A few weeks ago, we bid a fond happy 40th anniversary to the automotive dark ages of 1973-84 that have come to be known as "The Malaise Era" - the performance ice-age when 160 horsepower was a lot and a 0-60 time of under 10 seconds was remarkable. Like music in the 1980s, everything in automobiledom didn't suck, however. There were a few bright spots. Here are five of our favorites:
1976-79 Porsche 930, aka 911 Turbo Carrera (above)
Photo Credit: Dorotheum