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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 teases Frankfurt reveal... is it the A8?

Audi has already rumored to have plans to reveal a 650-horsepower Sport Quattro Concept at the 2013 Frankfurt Motor Show in September, but it also seems that we'll be getting our first look at the 2015 Audi A8 as well. Based on a panned-out shot of a teaser video, we can clearly see that this is a new sedan model, so it makes sense that is the updated A8 since we've already seen recent spy shots of that car that seemed to be almost complete.
In the short video, all that we can definitely see is the Audi logo in the grille, a five-spoke wheel with cross-drilled, ceramic disc brakes and a small portion of the front fender that has an almost mirror-like shine. We'll find out for sure in September, but until then, check out the teaser video posted below.

Audi Quattro tech shoots for the moon

Most automakers seem satisfied building vehicles to drive on the Earth's surface. But not Audi. The German automaker is quite literally shooting for the moon with the vehicle you see here. Called the Audi Lunar Quattro, it forms what promises to be an integral part of one team's campaign for the Google Lunar Xprize. That team calls itself Part-Time Scientists, and is the only German contingent of the 25 that originally entered from around the world and the 15 that are still in the race. Sponsored and technically assisted by Audi, the Lunar Quattro is a solar-powered moon rover. It packs an adjustable solar panel and a lithium-ion battery powering four individual hub motors – one in each wheel. It can only travel at a theoretical maximum of 2.2 miles per hour, but outright speed isn't the point here. It's been designed to traverse the difficult terrain of the moon's finely dusted and craggy surface. It'll need to travel at least 500 meters (1,640 feet) and will transmit high-definition video footage from the twin stereoscopic camera on its swiveling head back to Earth. The lunar rover is scheduled to be launched aboard a rocket from Earth to the moon by the end of 2017. The 240,000-mile trip will take five days and is targeted to land north of the moon's equator – close to the place where Apollo 17 (NASA's last manned lunar mission) landed back in 1972. Before that, though, it'll be presented by Audi sales chief Luca de Meo (who's since been named the head of Seat) at the Cannes Innovations Days forum. You can check it out in the gallery and extensive press release below, but first, we suggest you watch the video playlist above while preparing to check out tonight's red moon eclipse. Related Video: Moon landing mission: AUDI AG supports the German Team at Google Lunar XPRIZE Audi is taking off for the moon – together with the Part-Time Scientists team. The group of German engineers are working within the framework of the Google Lunar XPRIZE competition to transport an unmanned rover onto Earth's natural satellite. Audi is supporting the Part-Time Scientists with its know-how in several fields of technology – from quattro drive and lightweight construction to electric mobility and piloted driving. The moon rover will be named the "Audi lunar quattro." "The concept of a privately financed mission to the moon is fascinating," says Luca de Meo, Audi Board Member for Sales and Marketing. "And innovative ideas need supporters that promote them.