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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

Lamborghini owner forgives teen for using car as a bike ramp

A teenager in Singapore got off shockingly easy after he was caught on camera riding his bike across the hood of a Lamborghini last week. According to The New Paper, Izzadnaff Abdul Qusyairl was on his way to play some games at a local arcade in Bedok, Singapore, when he saw a bright yellow Lamborghini Gallardo parked outside of Bedok Stadium. Being a dumb teenager, Izzadnaff decided to pull a stunt he saw on YouTube. Izzadnaff rode his bike up the hood and over the top of the Lambo. Unfortunately for him, the Lambo's dashcam was on and caught him in the act. The Lambo's owner, Aaron Keder, uploaded the footage to Facebook, kicking off an internet manhunt for the young cyclist. Qusyairl's mother got wind of the situation and quickly took matters into her own hands by first giving her son a stern talking to and then contacting Keder through a mutual friend. "Izzadnaff is usually obedient. I don't know what happened to him that day," she told New Paper. "He was very afraid to admit to his mistake after that, but I told him that he had done something wrong, so he had to stand up and admit his mistake." Thankfully, Keder seemed to have a good sense of humor about the incident and agreed to sit down with the abashed teen and sort the situation out. "I met the family on Sunday afternoon and we have resolved the issue," said Keder. "All I wanted was an explanation from the boy and to know how he felt when he went on top of my car. I also wanted him to know that what he had done was wrong and not to repeat it."Related Video: Image Credit: Caddy Viral / YouTube Auto News Weird Car News Lamborghini singapore stunts bmx lambo gallardo

Lamborghini Urus ST-X will race in on- and off-road series in 2020

The Squadra Corse division at Lamborghini gave birth to fraternal twins over the weekend. First came the customer-commissioned, one-off SC18 Alston, an Aventador-based track-day coupe racier than the Aventador SVJ. Then, at the Vallelunga circuit hosting the 2019 Lamborghini World Finals, the motorsports department revealed the Urus ST-X concept. This monster of Sant'Agata will serve a different kind of customer — namely, those who want to enter an FIA-approved one-make race series in Europe and the Middle East in 2020. Lamborghini has supported various one-make series since it produced the 1996 Diablo SV-R. With changing times come changing ride heights and track surfaces: Lamborghini says the "single-brand championship combines racetrack and off-road track." We don't know yet if that means a single track will include asphalt and dirt, or if the overall series will include both kinds of tracks, but we hope for the former. To make the ST-X — which could stand for Super Trofeo X, based on the automaker's other current series' — ready for racing, Squadra Corse amputated a bunch of weight and bolted on competition bits. The matte Verde Mantis concept gets a steel roll cage, fire suppression system, and FT3 fuel tank. Quick release latches on the hood and modified rear hatch replace traditional locking mechanisms. The front end loses the production car's grille and aero aids, becoming a gaping angular void of mesh. A trim rear wing hovers above the backlight, and center-lock wheels fasten the 21-inch, 10-spoke wheels. The simple rear diffuser omits exhaust outlets, because the pipes have been moved to just in front of the rear wheels. The package weighs 25 percent less than the retail Urus, or about the same as an Aventador. Although the hood gains two intakes, the 4.0-liter twin-turbo V8 remains unchanged, putting out 641 horsepower and 627 pound-feet of torque. The company will put the Urus ST-X on track at some point during the six-race, 2019 Lamborghini World Finals. The mixed-surface series will host arrive-and-drive races, providing "driver-customers maximum flexibility and support during weekend events." If you got it, this seems a fine way to flaunt it. Related Video: