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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 Sterrato, the Lamborghini rally car we didn't know we wanted

Usually, the answer to a question no one asked is a bad thing. But every now and then, it leads to something wonderful, like the Lamborghini Huracan Sterrato concept car you see above. It's Lamborghini's take on a rally version of the 2020 Lamborghini Huracan EVO, and it's something we weren't asking for but now desperately want. The Sterrato (translation: "dirt") is mostly a stock Huracan EVO underneath, but that's not bad with a naturally aspirated 5.2-liter V10 making 640 horsepower and 442 pound-feet of torque. It also retains its all-wheel drive, four-wheel steering and torque vectoring, but they've all been retuned for dirt and loose surfaces. To get around on rougher surfaces, Lamborghini raised the car by 1.85 inches, which the company says improves the approach angle by 1% and the departure angle by 6.5%. The Sterrato's exterior receives huge fender flares that allow for a one-inch wider track front and rear. It wears 20-inch wheels with chunky off-road tires. Aluminum skid plates have been added to the front and rear, and the rear plate doubles as a diffuser. The rocker panels also get aluminum plates for extra protection. Mud guards are fitted, too, as are little deflectors ahead of the intakes to keep rocks from flying in and doing damage. Finally, like any good rally car, it gets huge auxiliary lights with a pair of hexagonal units on the front, and a wide bar on the roof. Inside the Sterrato are a pair of carbon fiber bucket seats plus four-point racing harnesses. But the real showpiece is a full titanium roll cage. Lamborghini didn't say anything about putting the Sterrato into production. But this concept isn't particularly out there, especially compared with some of Lamborghini's concepts, so we suspect if the car gets a good enough reaction, Lamborghini might consider production. And if it doesn't, we're sure there are some aftermarket companies that would be happy to help wealthy car enthusiasts re-create the car.

Lamborghini Essenza SCV12 is an 830-horsepower track weapon

Following in the footsteps of the likes of the Diablo GTR and the Miura Jota, the new Lamborghini Essenza SCV12 is the latest limited-run, uber-performance GT car that offers more power than any other naturally aspirated V12 model Lamborghini has ever produced. To say the Essenza SCV12 is purpose-built would be understating it. From the carbon fiber monocoque and the adjustable aerodynamics to the structurally integral gearbox, everything about the Essenza SCV12 was engineered expressly for speed by Lamborghini's motorsports division. Lamborghini says the V12 actually makes more than 830 horsepower, but didn't offer us anything more specific. Its multi-function wheel was even inspired by the control interfaces found in Formula One, and the rest of the cockpit is similarly racecar-spartan, down to the FIA-homologated carbon-shell seats. The exterior bodywork comprises just three sections to facilitate quick repair and replacement. All four wheels are magnesium alloy and the brakes were developed by Brembo. "Essenza SCV12 represents the purest track driving experience that our brand can offer, an engineering feat that highlights the inextricable link between our cars and the asphalt of the track," said Lamborghini CEO Stefano Domenicali in the company's announcement. "Lamborghini is a brand constantly looking to the future and searching for new challenges, but we never forget our roots and who we are: Essenza SCV12 is the perfect combination of our unconventional spirit as a super sports car manufacturer and our true passion for motorsport." The Essenza SCV12 puts all 830 horsepower to the ground via the rear wheels. The aforementioned structural gearbox is a six-speed sequential unit and the mounting point for the rear pushrod suspension. The aero elements, which were borrowed (with modifications, of course) from Lamborghini's racing cars, produce more than 2,600 pounds of downforce at 155 MPH — more than you get from the aero on a GT3 race car.  Making the deal even sweeter is the fact that purchasing one of these 40 Essenza SCV12s also confers access to a series of exclusive track events along with storage space in a new building (a hangar, Lamborghini says) that the company has built at its facility in SantÂ’Agata Bolognese.  "We wanted to elevate not only performance and driving pleasure but also the experience off the track," said Giorgio Sanna, Head of Lamborghini Motorsport.