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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 R8 bids adieu with the 570-hp Competition in LA

Audi is saying auf Wiedersehen to the first-gen R8 at the Los Angeles Auto Show in the best way possible - the even more powerful, limited edition 2015 R8 Competition. This might be the vehicle's swansong, but it's going out with a bang.
Audi is sending just 60 of these supercars to the US, and the heart and soul is a beefed up version of the 5.2-liter V10 from the V10 Plus model. The mill now makes 570 horsepower, a 20-hp boost, and is mated to a seven-speed, dual-clutch S Tronic gearbox. Audi claims that the potent package shoots the Competition to 60 miles per hour in 3.2 seconds and to a max speed of 199 mph.
The extra ponies might be enough for some, but Audi really wants to make the Competition something special. Matte carbon fiber pieces replace areas around the car, including the rear spoiler, side slides, front spoiler, rear diffuser and center console. For contrast, the wheels and exhaust pipes are painted in high-gloss black. Ceramic brake discs should be a useful aid with deceleration, too.

2016 Audi TTS

We recently drove the Audi TT, and although we wish it were radically entertaining instead of merely very fun, it's nevertheless a sharp coupe that vaults ahead of its predecessor with an inspired interior and eager handling. That car will be precursor to this TTS when it gets here a year from now, with the TTS adding adjectives like "more" and "better" to just about everything found on the base coupe. With the standard car having already put on such a fine edge, we wheeled the TTS on Spanish roads and at the Ascari race track to find out how much better and higher-performing the S will be.
Driving Notes
As of this writing, today's TTS commands an $8,350 premium over the TT. Assuming a commensurate gap is carried over into this next generation model, that supplemental dosh will get you 310 horsepower and 280 pound-feet of torque instead of 230 hp and 273 lb-ft in the standard TT. That would mean more for your money, too, since the gap between the current TT and TTS is 54 hp and zero lb-ft of torque. To achieve the new numbers, the 2.0 TSFI engine from the TTS benefits from upgrades like sturdier valves, revised aluminum pistons and stronger connecting rods with new bearings, a reinforced crankshaft and a high-performance intercooler. The amplified brawn rips 0.7 seconds off the 0-60 mile-per-hour time, getting you there in 4.6 seconds.