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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

The holidays are coming and this Singer Designs book is great

None of us should expect to get one of Singer's beautifully reimagined Porsche 911s for the holidays, but a new book titled One More than 10: Singer and the Porsche 911 at least lets you give, or receive, some sensational photos of them. The 275-page book tells the story of Singer founder Rob Dickinson and what inspires him to put so much effort into making 911s even better. The opinions of auto writers and industry personalities accompany Dickinson's tale, but the lavish photography is the true highlight. Based on the preview photos in the gallery above, the shots perfectly capture the company's machines from all the best angles. Former Autoblogger Michael Harley co-authors the book. There might still be time to order the $85 book for a friend (or yourself) in time for the holidays because the publisher guarantees delivery by Christmas for the first 200 of them. Dickinson will also sign copies at the Petersen Museum's re-opening preview day on Dec. 6. The publisher will also offer 100 copies of a limited edition for a hefty $911. These will come in a custom display case from Singer's craftspeople, and they'll include exclusive artwork. SINGER VEHICLE DESIGN EXCLUSIVITY MAY NOW BE MORE ATTAINABLE AS POINT OF ENTRY BEGINS WITH BACKGROUND STORY "One More than 10: Singer and the Porsche 911" New Book – Perfect Holiday Gift for Porsche 911 Fans PR Newswire, LOS ANGELES – November 10, 2015 As the world continues to take notice of a little restoration shop in Southern California that has provided a re-birth of sorts to old and tired Porsche 964s, many have come to believe the ability to enter the inner circle of Singer Vehicle Design was well beyond reach. However, as the holiday season draws upon us, there's one pathway to ownership within a less limited perspective that enthusiasts just may find easier on their pocket-book too – that being the release of the background story of the impeccable craftsmanship within Rob Dickinson's "re"imagination of Porsche 911s and the launch of his book "One More Than 10: Singer and the Porsche 911" currently available at www.singervehicledesign.com on a pre-order basis, as well as through publishing house Stance & Speed at http://www.stanceandspeed.com/automotive-books/one-more-than-10-singer-and-the-porsche-911.

Porsche 911 Reimagined by Singer First Drive [w/video]

"There's still a couple hundred rpm left," coaxes the voice from the passenger seat. Though I'm wailing down a mercilessly knotted up Southern California canyon road in someone else's half-million dollar coupe, my manic pace apparently isn't sufficient for the Singer Vehicle Design rep in the right seat. On one hand, my Irish co-pilot with more than a passing resemblance to Bruce Willis is playfully ribbing me because I've been driving hard, but haven't yet hit the 4.0-liter engine's 7,200-rpm rev limiter. On the other hand, if you've never heard of an Irish bloke who doesn't drink because he's got control issues – well, now you have, because the dude's stocky paws are white knuckling the car's rain gutter like his life depends on it. Within my microcosm of itinerant auto writing some days are odder than others; this particular Monday is beginning to look like one of the weirder ones. Rolling, In My Four-Point-Oh The car in question, according to a release I've signed prior to the drive, is a "Porsche 911," a "Porsche," or a "911," but certainly not a "Singer Porsche," a "Singer 911," or any number of variants thereafter. Sigh. I suppose "Porsche 911 reimagined by Singer Vehicle Design" will suffice? Oh, legal department. Nomenclature aside, what started life as a 1990 Porsche 911 has been dismantled and rebodied with a carbon fiber skin that makes it more closely resemble a small-bumpered, wide-hipped 1960s-era 911 than it does its melted bumper donor car. According to company founder (and former Catherine Wheel vocalist) Rob Dickinson, the decision to source a 964-series 911 was based on its delicate foothold between the model's combination of heritage and drivability. "I think the 964 is in the sweet spot of having one foot in old school 911 thinking with the [semi-trailing] rear suspension, which honors every earlier 911, while having a front end which is very much of the modern era and allows the car not to feel like an antique," he tells Autoblog. The specimen I'm driving is the latest evolution of Singer's vision of the reinterpreted 911, distinguished by a 4.0-liter powerplant that's been heavily modified by Ed Pink Racing (and, in Singer tradition, the serial number matches the donor car's chassis). The Van Nuys, California-based firm knows a thing or two about high-strung Porsche mills: the tuner has a long history of rebuilding such mechanical exotica such as 917, 935, and 962 race engines.