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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 restores two 50-year-old classics to mark their anniversary

Front-engined Lamborghinis are a thing again, thanks to the Urus SUV. For decades, the company built nothing but mid-engined vehicles, perhaps for a good reason. But 50 years ago, Lamborghini introduced two cruisers with front-mounted V12s, and to commemorate the anniversary, the company's historical Polo Storico division has now restored examples of both. Before the era of Diablos, Murcielagos and Gallardos, the Espada was the strongest seller in the Lamborghini stable. Between 1968 and 1978, Lamborghini built 1,226 Espadas, all of them with a 4-liter V12, and some of them with an automatic transmission — a Lamborghini first. Depending on the version, the Espada's power output ranged from 325 hp to 350, and it could exceed 150 mph while seating four. Taking its cues from earlier concept cars, the Espada's Gandini design can be remembered from the near-horizontal rear deck, and the 47-inch tall cars are very low for four-seaters. What about the Islero? For Lamborghini, it was a more conventional approach to a GT, as it was a further development of the earlier 400GT — itself a continuation of Lamborghini's first production car, the 350GT. A handy way to tell the cars apart is that the Islero has hidden headlights, unlike the two earlier models. Compared to the Espada, the Islero's production run was markedly shorter: It was built for only two model years, with a total of 225 cars. The engine was the same V12 as in the Espada, but while the Islero S also had 350 hp, it was notably faster, and able to reach 161 mph. Lamborghini's Espada/Islero celebrations include a special tour of the Umbria region in early September. There's a 400-mile tour of central Italy Sept. 7-11 for Lamborghini enthusiasts, arranged by Lamborghini Polo Storico. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Lamborghini Espada/Islero 50th Anniversary Lamborghini Classics lamborghini espada

Another Lamborghini Veneno for sale, this time for only $8m

There are some cars you expect to see coming up for sale often in the used car listings. Civics, RAV4s, F-150s... you know, the kind of car that they build by the thousand, build to sell, and build to last. More attention-grabbing for us, though, is when we see multiples of a rarer model coming up time and again in the same place. Like the Lamborghini Veneno, for example. The factory in Sant'Agata only made three of these coupes for public consumption, and each of them sold for about $4 million. So we were surprised when we saw one pop up on Mobile.de with a whopping $11 million price tag. But we were even more surprised to see another one for sale on the same site, just weeks later. Pictured with red details (instead of white like the last one), this example is listed as the first of the three made, with only 100 kilometers (62 miles) on the odometer. Its owner is asking ˆ7.1 million – equivalent to nearly $8 million at current exchange rates. That's about twice what Lamborghini charged in the first place, four times what it charged more recently for the new Centenario, and twenty times the price of the Aventador on which they're all based. But it's still a heck of a lot less than the $11 million asked for the last one. Of course, the seller can ask for however much he or she wants, but actually getting that price is quite another matter. Part of us gets the feeling that if someone were really that interested, the listings wouldn't still be up for weeks now. The other part is surprised some squillionaire somewhere in the world hasn't ponied up an even $20 million to take both home already. Related Video: