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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.

Editors' Choice: Top Five 2015 Frankfurt Motor Show Debuts

Consider the 2015-16 auto show season officially kicked off. The Frankfurt Motor Show offered a great look at the newest crop of production cars and conceptual machines, and brought some old favorites back into the spotlight for a closer look. (The Alfa Romeo Giulia, for example, debuted in June, but this was the first time most of us saw it.) Now that the dust has settled and we're all on flights back to the US, our editors cast their votes for their personal favorites from the Frankfurt show. These are the cars we truly loved seeing the most. But unlike other shows, there was no one runaway winner – all of the Top Five received positive praise from our team. We won't spoil the results, though. Scroll down to see what we liked most from this year's Frankfurt expo. 5th Place – MERCEDES-BENZ IAA CONCEPT View 12 Photos MIKE AUSTIN: The clean lines on this concept have me excited for a more elegant beauty to future Mercedes-Benz vehicles. Next to the Concept IAA, the lovely S-Class Coupe looks like an overstyled barge. DAVID GLUCKMAN: Yeah, the extendable rear is neat and all, but I'm more interested in the front-end styling of this one. It looks like the Tron version of a 300SL, in a good way. I'm hopeful it portends the future of Mercedes design. STEVEN EWING: I was super impressed when Mercedes said that, with the rear end extended, this concept has a drag coefficient of just 0.19. That's crazy aerodynamic. I'm not head-over-heels about the styling, but I think the lessons learned from this concept are really important, and will play a huge role in the future of Mercedes' products. 4th Place – ALFA ROMEO GIULIA View 15 Photos SEYTH MIERSMA: I can hardly express how in love with this car I am. The styling feels creative, modern, and evocative, without going over the top. The proposed performance is spectacular. And the Alfa badge speaks to a legacy of romantic motoring. DAVID GLUCKMAN: Pretty Italian car makes big promises and will probably deliver on about three quarters of them. I think that will still be enough for me. JEREMY KORZENIEWSKI: I'm really intrigued by the Giulia. It looks great, sounds awesome, and I'm expecting it to have a load more character than its German rivals. I hope I'm not disappointed. 3rd Place – JAGUAR F-PACE View 15 Photos GREG MIGLIORE: It's the first SUV for Jaguar, and I think they nailed the design, capability, and electronics. It's the right car at the right time.