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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 caught testing sub-Panamera-sized sedan

Anyone remember the Porsche Pajun? It was supposed to be Porsche's long-rumored entry level sedan before it mostly dropped off the radar. Now, it might have blipped its way back onto our screens, thanks to a series of spy shots showing what on the surface looks like a Panamera. While our spies point to this being a coupe mule riding on a shortened version of the Panamera's platform, we're leaning towards a smaller sedan. Even with the rear windows obscured, the wheelbase and driver's seating position (which we'll admit is remarkably low and coupe-like) seem wrong for a two-door model, even a disguised one. The cutlines in the rear doors look too deep to be camouflage, and based on the look of those door handles, the rear doors are definitely real. As for what's not real, we wouldn't read too much into those rivet-like things at the front and rear. They're just there to secure the camouflage. We might not be on the same page as our spies about what this car actually is, but they make a strong argument for its eventual styling, which should be a mix of 911 and Panamera. There's a slim strip of taillight hiding beneath the rear camo – you'll need to zoom way in, but the white housings are there – that reminds us of the new 911. It should be more Panamera in the front fascia, aside from the headlights, which might be the only styling element that draws inspiration from the 718. Based on the state of this car, we're thinking it's still quite early in the Pajun's development process. Whether the development timeline lines up with this 2019 prediction remains to be seen. Related Video: Featured Gallery Porsche Pajun: Spy Shots View 10 Photos Image Credit: CarPix Spy Photos Porsche Luxury Performance Sedan porsche pajun

Porsche announces works team for United Sportscar Championship

Porsche is undoubtedly the most successful manufacturer in sportscar racing, and it's only upping its game. The German marque is launching its new LMP1 racer for Le Mans in pursuit of overall victory once again, and now that sportscar racing in North America is coming together under one banner in the United Sportscar Championship, Porsche has announced it is entering the fray with a works team here as well.
The new Porsche North America racing team will field two cars in the entire inaugural season of the Tudor United Sportscar Championship that's been formed out of the former Grand-Am and American Le Mans Series. The team will be based out of the Porsche Motorsport North America facility in Santa Ana, California, and will partner with three-time ALMS LMPC winners Core Autosport in getting a pair of the latest 911 RSR racecars to the front of the GT Le Mans class.
Drivers have yet to be announced, but are projected to be drawn out of Porsche's factory driver program, which includes such talents as Patrick Long, Timo Bernhard, Romain Dumas and Neel Jani. Keep reading below for the official announcement.