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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 2017 Porsche 911 RSR goes mid-engine, purists be damned

Porsche unveiled its World Endurance Championship and IMSA WeatherTech Championship competitor with the 2017 911 RSR. And this 911 is different from the rest, as the 4.0-liter flat-six engine powering this beast is in front of the rear axle, not behind it. That's right, this 24 Hours of Le Mans competitor ditches the iconic rear-engine layout. Porsche isn't talking specifics on how exactly things are arranged back there. The engine is new, now based on the 991 911's block instead of the previous Mezger motor that's been used for years. The transmission design is new as well – it would have to be to accommodate the new location relative to the engine. The racecar has been engineered to meet the LM-GTE class, where it will go up against other mid-engine cars like the Ford GT and Ferrari 488 GTE. Moving the engine to the middle has given Porsche the ability to fit the 911 RSR with massive bits of aero, like the humongous rear diffuser that looks like it would be more at home on a machine of war. The only thing that can compete with the diffuser for size is the top-mounted rear wing, which shares a similar design to the one found on the 919 Hybrid. Going back to the engine, the direct-injected boxer motor, depending on the size of the restrictor, generates as much as 510 horsepower and sends all of its fury to the rear wheels. The engine is paired to a six-speed sequential gearbox, which drivers can employ through paddles on the steering wheel. The new engine doesn't have a lot of weight to push around as the 911 RSR, as required by regulations, weighs 2,740 pounds. Speaking of weight, the engine layout isn't the only change for the 911 RSR. For 2017, the car ditches its steel body for one that's made out of carbon fiber. The body attaches to the chassis via quick-release fasteners, making the vehicle easier to service as exterior elements can be removed with minimal effort. The racecar also gets a radar-based collision system – aptly named the "Collision Avoid System" – which is meant to limit the 911 RSR's encounters with faster LMP prototypes. Only time will tell if the new layout and aerodynamic components help the 911 RSR beat its competition. But there will be plenty of opportunities to see the racecar in action as Porsche plans to run the 911 RSR in 19 races during the 2017 season, the first of which will take place at the IMSA opener on January 28th at Daytona, where the racecar will make its track day debut.

2018 Mazda6, Porsche Panamera and Nissan Titan | Autoblog Podcast #541

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder and Associate Editor Reese Counts. We talk about driving the updated, turbocharged 2018 Mazda6, 2018 Porsche Panamera Sport Turismo 4S Sport Turismo and the 2018 Nissan Titan S 4x4 King Cab. We also discuss aftermarket parts for the Chevy Colorado, pick our favorite 50th Anniversary Hot Wheels and, as always, help a listener buy a new car in our "Spend My Money" segment. Autoblog Podcast #541 Your browser does not support the audio element. Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we've been driving: Mazda6, Porsche Panamera, Nissan Titan The aftermarket takes on the Chevy Colorado 50th Anniversary Hot Wheels Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Aftermarket Podcasts Chevrolet Mazda Nissan Porsche Car Buying Truck Wagon Sedan Hot Wheels porsche panamera sport turismo