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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

EVO takes flight in BMW's sultry i8

Electric cars and hybrids are here to stay, much to the apparent dismay of some auto enthusiasts, but that doesn't mean they have to represent the death of enjoyable driving. Granted, the initial run of hybrids in the US like the Honda Insight and Toyota Prius weren't exactly tailor-made for aggressive folks behind the wheel, but things are clearly changing. In its latest video, Evo takes a look at three examples from Europe's new crop of electrified vehicles to show that the future of fun motoring is safe and sound.
Evo editor Henry Catchpole kicks things off with one of the most bizarre EVs of the bunch, the tiny Renault Twizy. Its low power and 50-mile-per-hour top speed might make it miles away from a hot hatch, but there's still fun to be had in extracting the most from this little city car. Next up is the Audi A3 E-Tron, which isn't technically available yet. It's a step in the right direction of eventually creating an affordable, fun-to-drive hybrid hot hatch.
However, the main event is Catchpole getting some seat time in the BMW i8. The Bimmer can really fly -literally in this case - and the butterfly-door coupe offers a clear look at the prospects for electrified sports cars. It might not have the power of hybrid supercar contemporaries like the LaFerrari or Porsche 918 Spyder, but the BMW doesn't cost nearly as much, either. See? Improved efficiency doesn't have to mean boring.

Audi introduces Q7 E-Tron 2.0 TFSI in Shanghai

Audi made a name for itself with its Quattro all-wheel-drive system, and is rapidly expanding its range of E-Tron hybrids. And now it's bringing the two together for the first time with the new Q7 E-Tron 2.0 TFSI. The company's first vehicle to combine a turbocharged engine, hybrid assist and all-wheel drive, the Audi Q7 E-Tron 2.0 TFSI boasts all the enhancements wrought on Ingolstadt's new flagship crossover, but with a range of over 633 miles – nearly 33 of them on electric power alone. The powertrain pairs a 2.0-liter turbo four with an electric motor that combine to deliver 367 horsepower and 516 pound-feet of torque. That's said to be enough to send the hybrid luxury crossover to 62 in 5.9 seconds and on to a top speed in excess of 136 miles per hour, while boasting fuel efficiency of a claimed 94 miles per gallon. Unfortunately, however, the Q7 E-Tron is earmarked only for specific Asian markets – namely China, Singapore and Japan. So don't count on seeing this hybrid crossover in US showrooms any time soon – at least not in this specification. Ingolstadt, 2015-04-16 Great class, minimal emissions – the new Audi Q7 e-tron 2.0 TFSI quattro - First TFSI plug-in hybrid with quattro all-wheel drive - Best-in-class: up to 53 kilometers (32.9 mi) electric range - Maximum efficiency with hybrid management and heat pump - Available for Asian markets The Audi Q7 e-tron 2.0 TFSI quattro marks the first time that Audi has combined a TFSI plug-in hybrid with quattro all-wheel drive. Audi developed it specially for Asian markets (China, Singapore and Japan). It is sporty, comfortable and at the same time supremely efficient. It accelerates from 0 to 100 km/h (62.1 mph) in under six seconds while consuming just 2.5 liters of fuel per 100 kilometers (94.1 US mpg) according to the measurement method specified in China for plug-in hybrid vehicles (PHEV). Audi is presenting the Q7 e-tron 2.0 TFSI quattro at Auto Shanghai. According to the measurement method specified in China for PHEVs, the large SUV can cover up to 53 kilometers (32.9 mi) solely on the electricity stored in its lithium-ion battery – quietly, powerfully and with zero local emissions. Total range is 1,020 kilometers (633.8 mi). The Audi Q7 e-tron 2.0 TFSI quattro will be available beginning in 2016. Sporty power and minimum consumption The Audi Q7 e-tron 2.0 TFSI quattro has sporty power.