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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

2019 Lamborghini Urus Track Drive Review | The banshee from Sant'Agata

PALM SPRINGS, Calif. — The Lamborghini Urus is a strange beast. It's generally shaped like a modern Lamborghini, a thick wedge with knife-edged angles, but its four-door form brings a practicality that no previous Lamborghini could match. Not even the iconic LM002, a thinly veneered military vehicle more similar to the classic Steyr-Daimler-Puch Gelandewagen than the Urus, which is a crossover and fundamentally meant to appeal to a much broader audience. We flew to California at the height of snowbird season to drive this $200,000 SUV. We wanted to focus on the wonderful weather and Urus' abilities on the track rather than debating whether or not it truly is a product of Sant'Agata Bolognese. Models like this attract new customers to the brand, and the company expects the Urus to double sales. To succeed, it needs to have the sex appeal and performance to back up the Lamborghini name, not necessarily be a direct link to the Huracan or Avendator. There's a Volkswagen Group feel to the whole design, discernable even under the camouflage of hexagonal shapes. That's no surprise, as the Urus rides on the same platform as the Audi Q8, Bentley Bentayga and Porsche Cayenne. The hardpoints can't change, and the sharp lines remind you more than a little of the Q8. And the 4.0-liter twin-turbo V8's exhaust note betrays the Urus' German roots, too. The engine – again shared with other VW products – sounds beefy and mean, but doesn't sing quite the same sweet tune you expect from an Italian performance car, especially when your foot is nailed to the floor. The Urus' interior, too, has a distinct Audi aura. The leather is fantastic, especially in saddle brown like our main test vehicle, but the digital instrument cluster is lifted straight from Audi, as are the steering wheel, window and lock switches, infotainment system and more. It's mostly quality stuff, but it feels like pieces from a parts-bin when some of the touch points on a $200,000 SUV are the same as a $35,000 sedan. It's also a problem that the Porsche Cayenne and Bentley Bentayga don't have. The things Porsche and Bentley could change — gauges, switches, lock buttons and more — they did change. Those two feel like more distinct products and less like a different wrapper on the same candy bar. It feels like Lamborghini skimped on some of the details. Look, Audi makes great stuff, but it makes the Urus feel less special. But on the track, you move the Urus around like you're swinging a sledgehammer.

Dax Shephard, Lamborghini Super Trofeo racer?

Dax Shepard is no Paul Newman, nor even Patrick Dempsey, but he has a pretty cool gig mixed with plenty of acting and racing. While you might know him from Hollywood comedies like Employee of the Month and Hit & Run, the Michigan native now seems to be dabbling in road racing after competing in the Lamborghini Blancpain Super Trofeo North America, and to celebrate, Lamborghini has issued a new short video introducing Shepard and kicking off its new pro-am racing series.
Like many kids of the '70s and early '80s, Shepard's love of cars can be traced back to a Lamborghini Countach, and, fittingly, his first time road racing in a car happened to be in a Lamborghini - an experience he comically suggests would be like another sort of "first time" with Selma Hayek. In addition a few chuckles, the video posted below also gives us some of our first racing footage of the Super Trofeo North America's opening weekend at Lime Rock in early July, in which Shepard grabbed a third-place finish.