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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

Volkswagen Group previews its wares on eve of Geneva show

The Volkswagen Group is comprised of 11 brands producing 240 vehicles across 49 factories throughout the world. So the best way to show off the range of the VW family is to cram a few thousand journalists and VIPs into a massive makeshift stand to outline the Group's goals, what's in the pipeline and what you'll be able to buy later this year.
To that end, VW pulled out all the stops on the eve of the 2012 Geneva Motor Show, bringing along 10 vehicles from across the range. We'll be delving into the details of each over the next two days of show coverage, but before that happens, you can read all about what we saw tonight from the cheap seats after the break.

Lamborghini say no to turbos in supercars, for now

Lamborghini is preparing to launch what will not only be its first crossover (discounting the LM002 that was a proper truck), but also looks to be its first turbocharged model as well. But will the upcoming new Urus open the door for more artificially boosted Lambos in the future? That was the question on our minds when Autoblog caught up with Stephan Winkelmann at the opening of the new Trigeneration Plant in Sant'Agata Bolognese. "Naturally aspirated engines are still the best engines which are on the market for super sports cars, in terms of acceleration, in terms of sound," said Lamborghini's chief executive during a roundtable discussion at the factory. "And unless there is [something] better, we are going to keep them." "Naturally aspirated engines are still the best. Unless there is something better, we are going to keep them." "We are constantly looking for alternatives. We are constantly seeing what we can do to make them better," said Winkelmann. "And there will maybe a day when we are introducing turbos, when the turbos are equalizing or being better than naturally aspirated engines." That moment just hasn't come yet, in Lamborghini's estimation. This in sharp contrast to rivals like Ferrari and McLaren (to say nothing of its sister company Porsche) which are wholeheartedly embracing turbocharged engines, as well as hybrid propulsion. Any engine, turbocharged or otherwise, used to propel the Urus would not be so easily slotted into one of its mid-engined supercars, either. "Usually an SUV engine has a different stroke, so usually those engines have to be adapted if you want" to use them in mid-engined supercars, said Winkelmann. "Then they're at the front so you have to turn them, and if this is going to make sense, I don't know. At this time there are no plans to do that, but in general, these engines are not suitable" for models like the Huracan or Aventador. "There would be a day when we think that turbo can be better than naturally aspirated. And that day, we will step into it."