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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

VW ID.4, the new Buick Envision and crossing Hyundai's N Line | Autoblog Podcast #668

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd. It's a review-packed episode this week, but it kicks off with a discussion of Volvo's plans to electrify by 2030 and move their EV sales online. From there, they get into Greg's time with VW's game-changing new ID.4 electric crossover. Byron then talks about his time with two very different new vehicles: the 2021 Buick Envision luxury crossover and the 2021 Hyundai Sonata N Line, which may or may not be a sport sedan. Finally, they tackle a fascinatingly complex twitter question: What is the best 'economy' muscle car? Autoblog Podcast #668 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 News Volvo introduces 2022 C40 Recharge crossover, announces all EV sales will be online-only What we're driving 2021 Volkswagen ID.4 2021 Buick Envision  2021 Hyundai Sonata N Line Reader question What is the best 'economy' muscle car?  Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: Auto News Green Podcasts Buick Hyundai Volkswagen Volvo Green Automakers Electric Future Vehicles Sedan

Recharge Wrap-up: VW consumption down 24%, BAIC opens EV R&D in CA

The Biofuel Infrastructure Partnership will provide grant funding to 21 states to help improve consumers' access to renewable fuels. Tom Vilsack, Secretary of the US Department of Agriculture announced the funding, which will help retailers purchase and install the equipment necessary to dispense fuels like E85 and other higher ethanol blends. Groups such as the American Coalition for Ethanol, Growth Energy, Prime the Pump, and the Renewable Fuels Association came forward to applaud the announcement. "This assistance in building out retail infrastructure is not only good for the American farmer but it is also great for the American motorist who will now have more opportunities to buy higher octane fuel at a lower cost," says Prime the Pump Chairman Ray Defenbaugh. Read more from Domestic Fuel. Volkswagen has reduced resource consumption of its vehicle production by 24.3 percent since 2011. As part of its "Think Blue. Factory." program, the automaker has implemented a series of environmental efforts (a number VW puts at 3,400 measures) at its factories worldwide. Examples include optimizing shut-down schedules, reducing solvent emissions, energy recovery programs, and recycling paper, plastic, and water. Read more at Green Car Congress. BAIC has opened an electric vehicle research and development center in California's Silicon Valley. The Chinese automaker's first overseas R&D facility, it opened under BAIC's subsidiary, Beijing Electric Vehicle Co. (BJEV), and is affiliated with the Beijing New Engineering Research Institute. The center will be responsible for the research and development of three to four new models per year, as BJEV intends to bring a complete lineup of EVs to market. BJEV also plans to open an R&D center in Europe. Read more at Green Car Congress or from BAIC. Co-CEO of Zap and CEO of Jonway Autos, Wang "Alex" Gang is providing $10 million in funding to the two companies in order to meet electric minivan orders. Zap/Jonway have taken down payments from Dongfeng to supply 11,000 of the EVs by the Chinese New Year (February 8) of 2016. The equity investment from Wang allows Zap/Jonway to ramp up production to meet this deadline, with a target of 1,000 EVs per month by year's end. Read more in the press release below. CEO Funds $10 million To Support ZAP and Jonway Auto in Delivering 11,000 EV minivan Orders SANTA ROSA, Calif., Sept.