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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

2015 Audi Q7 spotted with a blurry first look

Here's the good news: we finally have visual evidence of the upcoming and all-new 2015 Audi Q7 luxury SUV. A set of photographs show that Audi has been putting the SUV through its paces, with an eye towards an on-sale date sometime late next year.
The bad news is that it was not one of our usual clear-lensed spy photographers that captured these first images, but rather a sycophantic follower of our friends at CarPix. The resulting images are a lot lower resolution than we've come to expect, and there are far fewer angles from which to judge the car.
Still, we can make out the nose of the new Q7 is a bit flatter and wider than the rounded affair of the current car, and wears similar swoopy LED headlights as are found in the rest of the Audi range. We expect the overall dimensions of the 2015 Q7 to stay about the same as the existing model, but rumor has it that the SUV could be 800 to 900 pounds lighter in the next generation.

Forza 5 documents bringing Audi R18 E-Tron and Le Mans to game

Forza Motorsport 5 is set to come out on November 22 alongside the all-new Xbox One. As part of the launch lineup for a big new system, it shouldn't be a shock that Turn 10 Studios, the maker of the Forza series is going all out in promoting its new game. That's meant making interesting partnerships, like the one it enjoys with Top Gear.
Perhaps a less talked about alliance is between Audi and Turn 10. It's put on full display here, though, as Turn 10 documents the process of building Forza Motorsport 5 alongside Audi's quest at Le Mans, with both sides talking about what it takes to make a game and racing team work (they aren't as different as you might think).
There's also quite a bit of Le Mans and Audi-specific content coming with FM5. As with previous iterations of Forza Motorsport, gamers will have access to both the old and new Circuit de la Sarthe (the most notable difference between the two being the presence of Chicanes on the Mulsanne Straight). Audi will also be volunteering several of its vehicles for the new title, ranging from racers like the R18 e-tron Quattro and Audi Sport R8 to production rockets like the 2013 R8 V10 plus, 2006 RS4 and the 1983 Sport Quattro.