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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

Porsche tells 2014 911 GT3 owners to park their cars pending inspection

Porsche may have have a serious problem on its hands. After a rumored five 2014 911 GT3 coupes caught fire in recent weeks, Porsche launched an investigation and stopped delivering its road-ready racecar until it could diagnose the problem. Now, it has issued a press release asking all 2014 911 GT3 owners to immediately stop driving their cars until they can be inspected. Porsche is offering to pick up the cars from owners' homes and take them to the nearest dealer.
Porsche confirms that the at least two 911 GT3 coupes them have caught fire in Europe, and it has elected to inspect all 785 2014 GT3s worldwide. However, it claims no drivers have been injured in the fires. Unfortunately, Porsche says, "Internal studies to determine the cause of the engine damage have not been completed yet," so owners might have a bit of a wait before they are able to drive Porsche's ultimate 911 again. Scroll down to read the entire press release.

Hyundai Blue Link Android smartwatch app will start your car

We knew Hyundai would be bringing its Blue Link smartwatch app to the Consumer Electronics Show, and now that CES is upon us, the app's workings have been revealed. Once you get the free Blue Link app on your smartphone and your Android smartwatch and pair them up with the app, it's all systems go. Through either touch or voice commands, you can remotely lock or unlock your car doors, start and stop your engine, flash the lights and honk the horn, or have your watch locate your car. It works on every Hyundai with first- or second-gen Blue Link (which is all of them in the case of first-gen and the 2015 Genesis, Sonata and Azera for second-gen). The watch app isn't quite ready yet, but the company says you'll be able to get it sometime in Q1. There's a video above showing Hyundai's offering at work, and a press release below with more information below. HYUNDAI BLUE LINK TO DEBUT SMARTWATCH APP WITH VOICE RECOGNITION AT 2015 CONSUMER ELECTRONICS SHOW AND PEPCOM'S DIGITAL EXPERIENCE - Next Generation Blue Link System to Launch on 2016 Elantra GT and Veloster - The Blue Link smartwatch app works with first and second generation Blue Link equipped Hyundai models Fountain Valley, Calif., Jan. 2, 2015 – Smartwatch sales are skyrocketing and starting early in 2015 Hyundai owners will be able to connect with their cars using these wearable devices and the Hyundai Blue Link® smartwatch app. Hyundai will debut and demonstrate the Blue Link smartwatch app at Pepcom's Digital Experience and at the Consumer Electronics Show (CES®). Pepcom's Digital Experience takes place before CES on Jan. 5 and Hyundai's exhibit (North Hall, booth #2818) at CES will be open Jan. 6-9, 2015. Hyundai's cloud-based Blue Link platform allows features like remote start and service information to be quickly accessed through devices like smartwatches and smartphones. Hyundai partnered with Station Digital Media to develop the Blue Link smartwatch app. "This new app expands Hyundai's exploration into how wearable technology and Blue Link fit into a customer's lifestyle," said Barry Ratzlaff, executive director, customer connect and service business development, Hyundai Motor America. "Connecting to your car through a smartwatch and voice recognition was previously something seen only in science fiction movies. Now, we can provide this capability to owners of Hyundai vehicles equipped with Blue Link." The app is easy to use.