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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

Audi Prologue Avant Concept points to the future of wagon design in Geneva [w/video]

The new generation Audi R8 and its LMS GT3 racing version are grabbing much of the attention at the Audi stand at the Geneva Motor Show. However, if you are more interested in seeing the brand's future design direction, just take a look at the Prologue Avant Concept that's also on display. Audi traditionally uses the Avant name for the company's wagons, but that's tweaked slightly here. The vehicle is certainly a five-door, but from some angles it looks more akin to a Porsche Panamera-like hatchback. Compared to the B-pillarless Prologue Coupe (that we recently drove), the stretched roof flows all the way to the angled rear hatch, and the result is a very elegant design. The interior tends towards minimalism with just a few screens showing the driving info. The Prologue Avant also ditches the Coupe's petrol-fueled hybrid for a 3.0-liter, twin-turbo diesel V6 plug-in hybrid with a total of 455 horsepower and 553 pound-feet of torque, which is linked to an eight-speed gearbox. Audi claims the setup reaches 62 miles per hour in 5.1 seconds and allows for 33 miles of pure electric driving. To get a sneak peek at what's next from Audi, take a look at the Prologue Avant Concept on the floor of the Geneva show in the gallery above.

Favorite vehicles of 2017

The Autoblog staff has driven a lot of vehicles in 2017. This video showcases our favorite vehicles from this year, along with some thoughts on why they made the list. Wanna read more head over to https://www.autoblog.com/photos/best-drivers-cars-2017/ Aston Martin Audi Ford Jeep Lexus Porsche Autoblog Minute Videos Original Video porsche macan lexus lc 500 macan wrangler r8 Arts and Entertainment