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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 Huracan EVO2 race car is a harbinger of future models

Lamborghini funneled the lessons learned from years of racing into the latest evolution of the track-only Huracan. Called EVO2, the coupe gains a number of aerodynamic updates and more powerful brakes for the 2022 season. You don't need to be a seasoned car spotter to tell the EVO2 apart from the outgoing EVO. Its front end has been completely redesigned with new-look headlights, air curtains on both sides of the bumper, and a reshaped splitter made with carbon fiber. It's the same story out back, where the LED lights are thinner and the diffuser is bigger. Most of the visual changes were made with racing in mind, but they'll have a lasting effect on the firm's range. "[The EVO2's design] blends the muscular styling cues that characterizes previous racing variants of the Huracan with some of the styling cues that define Lamborghini's DNA. Additionally, the Huracan Super Trofeo EVO2 illustrates an futuristic approach to design that partly previews elements that will make their way to future road-going models," revealed Mitja Borkert, the head of the company's design department, in a statement. There's more carbon fiber, too. The rocker panel extensions and some of the aerodynamic elements fitted to the rear end are now made with the lightweight material rather than with plastic to shed every last ounce of weight. Lamborghini will inevitably electrify during the 2020s, but it plans to celebrate the non-electrified internal combustion engine in the coming years. Don't look for a hybrid system under the EVO2's body. It uses a naturally-aspirated, 5.2-liter V10 that's mid-mounted and tuned to send 620 horsepower to the rear wheels via a six-speed sequential transmission. Bigger brake rotors and redesigned calipers capable of housing larger brake pads provide stopping power lap after lap. Lamborghini notes its Squadra Corsa division developed the new braking system in-house. Fans and drivers will get their first chance to see what the Lamborghini Huracan Super Trofeo EVO2 is capable of on May 28, 2021, at the Paul Ricard race track in the south of France. It's scheduled to make its competition debut during the 2022 season of the Super Trofeo series. Pricing for the European market starts at 250,000 euros, which represents about $306,100 at the current conversion rate. Alternatively, teams currently racing a Super Trofeo EVO will be able to purchase an upgrade kit to bring their car to EVO2 specifications. Pricing hasn't been announced yet.

Words aren't needed in the company of an Espada

There's something about vintage Italian machinery. From the curvaceous lines of the Ferrari 250 GTO to the more exacting angles of the Lamborghini Espada, the cars hold the promise of something illicit. Something both scowling parents and stern-jawed law enforcement would thoroughly disapprove of if you happened to get caught in the act. It's one of the infinite reasons we love them, and the crew at Petrolicious have managed to capture that precipice of temptation on film.
CJ Bonura was kind enough to let the crew tag along during a little impromptu canyon run in his big silver Espada. The video eschews the typical owner interview in favor of more engine audio and an appropriate soundtrack. If the clip doesn't leave you wanting to jump into your own car for a quick sprint, we can't help you. Check it out in the video below, and stay tuned for more goodness from Petrolicious.