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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 A8 rises to meet the challenge [w/video]

It's turnover time in the extra large premium sedan segment. With Mercedes having stuffed HAL 9000 in its new S-Class, other luxury marques are quickly updating their own super sleds to keep up with this persistent march of technology. While far from a full redesign, the Audi A8 has changed enough for 2015 in terms of styling, powertrains and new technology to keep it in the conversation.
For starters, the A8's exterior design has been redone, with the most noticeable changes happening up front. The trademark 'gaping maw' grille is a little less gaping, while the headlights now feature a straight lower edge of LEDs, excising the old model's droopy-eyed look. Speaking of headlights, Audi now offers optional Matrix LEDs, the latest in headlight tech, with 25 individual elements per side that can be turned on or off and dimmed as the situation demands. The rear of the A8 has also been resculpted and looks very much inspired by the derrière of the A7, with a single chrome strip connecting the new LED taillights.
The A8's full suite of powertrains has also been upgraded, with the supercharged 3.0-liter V6 now producing 310 horsepower (up 20 according to Audi, though down 23 compared to the US-spec 2013 model). The twin-turbo 4.0-liter V8 is now rated at 435 hp, a solid 20-horse increase that lowers the car's 0-62 time to just 4.5 seconds. That's within spitting distance of the 520-hp S8's time of 4.1 seconds. That aforementioned super sport sedan's engine remains unchanged, as does the 6.3-liter 12-cylinder powerplant in the A8 L W12, but Audi's two diesel engines have both improved, with the 3.0-liter V6 producing an extra eight horsepower (256 total) and the 4.2-liter V8 gaining an extra 34 hp (385 hp) to go along with its more-than-adequate, though unchanged, 626.93 foot-pounds of torque.

Autoblog's top 50 car photos of 2016

This one shouldn't need much explanation. We like cars a whole lot, and that includes not just driving them but taking great pictures of them. We've collected our 50 favorite images from this year in the mega-gallery above. It's a mix of old and new, with a healthy dose of vintage and modern race cars mixed in, and not one single shot under the harsh lights of an auto show. So click through and enjoy. Featured Gallery Autoblog's Top 50 Photos of 2016 View 50 Photos Image Credit: Copyright 2016 Autoblog.com Audi BMW Chevrolet Dodge Ferrari Ford Lamborghini Mazda McLaren Mercedes-Benz Porsche Rolls-Royce Volvo Convertible Coupe Motorcycle Luxury Racing Vehicles Performance Supercars Classics