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Lamborghini outlines electrification strategy, announces first EV

Lamborghini, one of the industry's fiercest defenders of the naturally-aspirated engine, is planning to electrify its range during the 2020s. It detailed the path it will follow to electrification, and it announced the road leads to an EV. Company boss Stephan Winkelmann named the three-part electrification strategy Direzione Cor Tauri, which is Italian for "towards Cor Tauri," a reference to the brightest star in Taurus — the constellation in the northern celestial hemisphere, not the Ford built over six generations. Significantly, he stressed that adding batteries and electric motors to a supercar's driveline will not dilute the hardcore performance that Lamborghini's image is built on. The first phase of the plan calls for celebrating the non-electrified internal combustion engine. Lamborghini wants to send it off with a bang, if you'll pardon the pun. It will flex its engineering muscles by unveiling two models powered by a naturally-aspirated V12 in 2021. Our crystal ball tells us at least one will be the long-awaited successor to the Aventador S. Act fast if you want one, because it undoubtedly won't stick around for as long as its predecessor. Lamborghini's first production-bound hybrid, the Sian (pictured as a roadster), arrived in 2019 as a sold-out, limited-edition model with a V12-electric powertrain. Some of the lessons learned during the project will permeate a series-produced hybrid model that's expected to make its debut in 2023. Advances in carbon fiber solutions and new technologies will help engineers offset the weight added by the battery pack. We don't know what kind of system the model will use, or where it will slot in the firm's portfolio. It might be a replacement for the Huracan Evo, however. The entire Lamborghini range will be electrified to some degree by 2024. Reaching this ambitious goal will require investing 1.5 billion euros (around $1.8 billion at the current conversion rate) to develop powertrains and other technologies. That's the largest cash injection the firm has ever received since its inception in 1963. Finally, the first series-produced electric Lamborghini will arrive at some point during the second half of the decade. It will arrive as a fourth model, meaning it likely will not be merely a battery-powered version of an existing car, but it's far too early to provide details like its name, the segment it will compete in, and the technology it will use.

Pininfarina teases its Tesla- and Bugatti-baiting EV supercar

Pininfarina isn't being bashful when it comes to getting into the car business. The Italian design house has revealed a sketch of the PF0 Concept, an electric supercar aimed directly at the world's fastest and most expensive vehicles. With upward of 1,000 horsepower, along with an expected price in the millions of dollars, this extreme EV is meant as a calling card for Pininfarina's upcoming range of electric cars and SUVs. So should the likes of Tesla, Porsche, Ferrari, Bugatti and Lamborghini be worried? Pininfarina might be new to building its own cars, but the company has many decades of experience designing and engineering some of the most desirable cars of all time — including many of the finest supercars to have worn a Ferrari badge on their nose. As we reported earlier this year, Pininfarina has teamed with Indian auto manufacturer, Mahindra, to develop a range of high-end EVs. With this roughly $500 million investment, not to mention some engineering help from Croatian supercar manufacturer, Rimac, Pininfarina aims to start high. The company will first introduce a hypercar, based on the PF0 Concept, within two years, then bring along a range of more affordable electric cars and SUVs. These will more directly take on the likes of Porsche Cayenne, Lamborghini Urus, and Tesla Model X. So yes, if you're in the business of building expensive cars, especially ones with a lot of batteries positioned inside them, Pininfarina's plans for the PF0 (that's a zero, not the letter "O," by the way) should make you sit up and take notice. "Automobili Pininfarina is a pioneering new business created to service the most discerning clients in the world," said Michael Perschke, CEO for Automobili Pininfarina. "Our product portfolio will launch with an innovative, zero-emissions hypercar that represents the progression we aim to make at the pinnacle of the luxury and sports car market." According to its press release, Pininfarina is currently presenting its "business and product plans to prospective retailer partners, clients and media in New York this week." After its tour of the Big Apple, look for Pininfarina to officially reveal the PF0 Concept during Monterey Car Week in August. Related Video: Design/Style Green Bugatti Lamborghini Porsche Tesla Electric Future Vehicles Luxury Performance Pebble Beach supercar mahindra hypercar Rimac

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