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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 and MIT to debut new supercar concept next week

Today, Lamborghini released a teaser of what it's calling the "vision for the super sportscar of the future." The new concept will debut next week in a partnership with the Massachusetts Institute of Technology, and there's buzz that it might employ a nontraditional type of battery to boost performance. MIT is, after all, working on solid-state lithium batteries with greater energy density and perhaps a lower failure rate. More energy density could mean either lower weight per unit or greater energy storage overall. Both would be excellent attributes for a high-performance Lamborghini. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. EmTech 2017 is a tech conference hosted each year at MIT. It may sound strange to reveal a concept outside of an auto show, but this really isn't all that much difference than a new debut at CES in Las Vegas. And if MIT is lending a hand with some of the tech this car will use, and if it's as groundbreaking as we think it might be, even more reason to debut it at this conference. We don't know exactly what the concept will preview. It could be an advanced technology demonstrator, or it could preview a replacement for the Lamborghini Aventador. We'll know more next week. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Watch a ham-fisted Russian wreck his Lamborghini

Russia is responsible for some of the best dashcam videos on the planet. And today, we're sorry to say that includes the destruction of a poor Lamborghini. You can't always judge a book by its cover, but based on the look of this particular Lambo – a chromed finish and aftermarket alloys – its driver probably has more money than talent. That's probably the best explanation for why he was driving so quickly in such treacherous conditions. After looping around one vehicle, the back steps out and the car – The Daily Sun incorrectly calls it a Huracan, but it's a Murcielago – spears an innocent Peugeot. The Lambo ends its journey by colliding with a guardrail, splaying most of its front end across the M9 motorway outside Moscow. Police took the Lamborghini's driver, a 30-year-old man, into custody for his role in the wreck. One witness told The Daily Sun that the supercar passed the film car like it was standing still, something police confirmed, saying "[The Lamborghini owner] was driving at high speed on the wet tarmac and lost control." Related Video: