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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

Audi RS7 vs. Porsche Panamera Turbo, which would you pick? [w/poll]

We live in a blessed time - a time when you can buy not just one, but two (or three, or four) monstrously powerful, blazingly fast four-doors that can't only keep up with modern supercars, but in some instances, will outperform them as well. Two of the finest are the Audi RS7 and the refreshed Porsche Panamera Turbo, and Motor Trend has been messing around with the both of them in this comparison video.
MT provides a comprehensive and entertaining look at the RS7 and the turbocharged Panamera as they go through a battery of tests, before getting tossed about on both the road and the track. Starring flip-flop aficionado Jonny Lieberman, it's a must-watch, whether you're in the market for one of the two super sedans or merely want to see the former Autoblog editor again.
After having a look at the video, register a vote for the car you'd park in your driveway in our poll. Hop below for the full video from the team at Motor Trend.

Porsche Classic to offer vintage 911 dashboards

Porsche Classic already offers everything from oil specifically for the brand's air-cooled models to GPS navigation units for them. For restorers looking for just the right piece, the division is now also selling replacement dashboards for early 911s. Fitting models from 1969 to 1975, these dashboards aren't 100-percent original replacements. Instead, Porsche Classic reengineered the part with a modern substructure to hold up better to the sun, temperature changes, and humidity. The outer surface still looks entirely correct, though, to fit the design of these vintage air-cooled coupes. Porsche Classic is selling them for $1,353, but the the windshield needs to come out for installation. While the price may sound steep, it appears to be right in line with other dashboard replacements for the vintage 911. The Porsche specialists at Stoddard offer an example for $1,325 and list a factory part for $1,501.29. Shopping around might be worthwhile, though, because another website already seems to show the Porsche Classic unit with a markdown to $1,150. Porsche Classic Recreates Dashboard for Historic 911 June 1, 2015 New dashboard built to original specifications Atlanta. It is back: Porsche Classic is reproducing the dashboard for vintage 911 models from years 1969 to 1975. A sophisticated manufacturing process combines high quality meeting today's standards and a design that is true to the original. The new dashboard consists of a modern substructure and the original surface design. The fluted texture, tactile feel, gloss and shade of black are designed to be as close as possible to the original. The new part is now available to be ordered from any authorized Porsche dealer in the United States. MSRP is $1,353 plus any applicable taxes, shipping, and handling. Like the technical equipment, the classic vehicles' interiors are subject to normal wear. Solar radiation as well as fluctuations in temperature and humidity attack the surface and materials over time. Today's materials hold up better; therefore, to help preserve the long-term value of classic Porsche cars, Porsche Classic re-engineered the dashboard. Extensive tests conducted to modern standards assure precision fit and quality. As an original equipment part, the dashboard, which contains the loudspeaker cover, can only be installed by the original assembly procedure – which involves removing the windshield.