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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 Countach LPI 800-4 revealed, basically a retro Sian

Update: We've added some additional information from an interview with Lamborghini's Chief Technology Officer. Yes, the Lamborghini Countach really has returned, though only for a seriously limited run. Not only that, it's more of a retro Sian than its own unique model. But that also means it packs Lamborghini's most technologically advanced powertrain yet. According to Lamborghini's Chief Technology Officer Maurizio Reggiani, the car is meant as more of a "celebration" or tribute to the car that set the pattern for future Lamborghinis, rather than a revival or reintroduction of the model. Lamborghini really leaned into the retro cues on this new Countach, too. It's mainly based on the original prototype and production models. The prototype design cues come in with the louvred vents behind the side windows, the horizontal slit of a front grille and the way the rear window and engine cover blend together. Then there's a dash of the early production models with the enormous interpretation of the side NACA ducts. The wheels have a nod to later Countach models with circular openings between the spokes like past phone-dial wheels. And the rectangular headlights and trapezoidal wheel arches are just universal Countach touchstones. The car also features quad exhaust tips, which is unique among Aventador-derived Lamborghinis. The interior on the other hand is pretty much modern Lamborghini, though the seats get similar stitching to older models. Powering the Countach is the Sian's mild-hybrid 6.5-liter V12. It makes 803 horsepower in total, with most of it coming from the engine. In fact, 769 of those ponies come from the V12, while 34 come from the 48-volt electric motor. It gets its electrons from a lightweight and fast charging and discharging supercapacitor, though. The engine winds up to 8,700 rpm, and it's in the same longitudinal layout as Lamborghinis stretching back to, well, the original Countach. It's connected to a seven-speed automated manual transmission and powers all four wheels. Apparently, the powertrain was retuned for smoother shifting. But the company didn't sacrifice any performance, as Lamborghini claims a 0-62 mph time of 2.8 seconds and a top speed of 221 mph. It also features pushrod suspension with magnetorheological adjustable shocks, and carbon ceramic brakes with six-piston front calipers and four-piston rear calipers. Only 112 Countachs will be built. The number comes from the protoype's designation LP 112.

Lamborghini gives us a peek at its racing arm's next standalone car

Lamborghini's racing division, Squadra Corse, is preparing to unveil its second standalone model. It published a short video that gives us a visual and audible peek at the car, which looks like an evolution of the Huracan. We're not quite sure what the second Squadra Corse car is powered by, and we have no idea what it's called, but we can already tell it will look more menacing than any of Lamborghini's regular-production models. Posted on YouTube, the 32-second video shows enough of the track-bound coupe to whet our appetite. It's considerably wider than the Huracan, much lower, and fitted with a specific body kit that includes vents chiseled into the quarter panels, a huge wing, and an intriguing periscope that presumably channels cooling air to the engine bay. The silhouette and the proportions hint at the Huracan underpinnings, though nothing is official yet and a majority of the exterior parts look newly-developed. The bigger Aventador is near the end of its life cycle, its successor is expected to break cover in the next 12 months, and it already received the Squadra Corse treatment in 2018. Squadra Corse's involvement suggests we're looking at a Lamborghini developed exclusively for track use, and footage of the interior supports this theory. Instead of an instrument cluster, the driver will face a screen that presents key information about the car and its surroundings with a simple, easy-to-read layout. There's a full roll cage, too, and the side windows have been replaced with Plexiglas units to keep weight in check. Lamborghini hasn't announced when it will unveil its Squadra Corse's next new model, but the unveiling will almost certainly take place online. We're guessing production will be strictly limited, and it's not too far-fetched to speculate every build slot will be spoken for by the time we see the car in the metal in spite of a six- or seven-digit price tag. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.