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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

2015 Lamborghini Huracan LP 620-2 Super Trofeo [w/video]

Pull a run-of-the-mill Lamborghini Huracan LP 610-4 off the Sant'Agata Bolognese assembly line, and you'll get a fearsome piece of machinery that can hit 60 miles per hour in as little as 2.5 seconds and reach a terminal velocity in excess of 200 mph. The stats are stunning, but the boys at Lamborghini want more – not just numerically, but more in the greater glory of an all-encompassing, brand-aggrandizing, Ferrari kind of way. Why compare the Raging Bull with the Prancing Horse in particular? Surely, any self-respecting gearhead knows that the two brands exude subtly different swaggers. But the gap goes well beyond the superficial: while Ferrari (not to mention competitors like McLaren and Porsche) has nurtured an enviable racing history from LeMans to Monaco, Lamborghini's history on the track is a bit scarcer. The Volkswagen Group recently thrust Bentley back into competition to reinvigorate the brand's past glories, and the next VW brand to win the racing lottery is Lamborghini. Behold: the Lamborghini Huracan LP 620-2 Super Trofeo. Born To Race While Lamborghini claims a long history of wedge-shaped exotica, the Huracan was the first production car in the brand's half-century history to be engineered from scratch with the racetrack in mind. As such, the street car's screaming, naturally-aspirated V10 and 3,135-pound curb weight are mere starting points for Dallara Automobili, the firm tasked with developing the racecar in conjunction with Lamborghini. For starters, the standard Huracan is alleviated of many of its pedestrian trappings like airbags, sound systems, and swanky power-operated leather seats. By jettisoning the unnecessary, the Super Trofeo manages to slim down nearly 330 pounds, to around 2,800 pounds. Don't let the mere 10 (metric) horsepower jump fool you: the LP 620-2's Motec engine management system not only adds data acquisition capabilities (which work alongside an eight-setting traction control system and a 12-setting Bosch ABS setup), it completely changes the power delivery characteristics of that 5.2-liter V10. More on that later. A good chunk of that weight loss comes from the removal of the entire front end of the drivetrain, which transforms this Huracan from an all-wheel-drive animal to a rear-drive beast.

Volkswagen Group previews its wares on eve of Geneva show

The Volkswagen Group is comprised of 11 brands producing 240 vehicles across 49 factories throughout the world. So the best way to show off the range of the VW family is to cram a few thousand journalists and VIPs into a massive makeshift stand to outline the Group's goals, what's in the pipeline and what you'll be able to buy later this year.
To that end, VW pulled out all the stops on the eve of the 2012 Geneva Motor Show, bringing along 10 vehicles from across the range. We'll be delving into the details of each over the next two days of show coverage, but before that happens, you can read all about what we saw tonight from the cheap seats after the break.