2008 Audi Q7 S-line Awd Premium Package Loaded With Options. Panoramic Roof. on 2040-cars

Auto blog

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 revising own history in light of 'shocking' study of Nazi-era activities

Daimler opened up its archives for research into its Nazi affiliations for one book published in 1990 and another in 1998. The Quandt family behind BMW had its public catharsis in 2007. The ties between the National Socialists and the Porsche and Piech families have almost rendered the Volkswagen Beetle some kind of cult tchotchke of the Third Reich. And it's not just automakers called in for cleansing: Deutsche Bank credit helped build Auschwitz, Hugo Boss made Nazi uniforms, patriarch of food and frozen pizza giant Dr. Oetker volunteered for the Waffen-SS. As one historian said, for any business that wanted to stay in business during the war, "no company was really clean. Everyone had to resort to slave labor when their own workers were fighting at the front."
Audi is the latest to go public with findings from an in-depth study of the Nazi-affiliated past of Auto Union, its predecessor company, and the "Father of Auto Union" Dr. Richard Bruhn, the man who headed it pre- and post-war. Commissioned by Audi, written by Audi's history department head Martin Kukowski and University of Chemnitz historian Rudolf Boch, its findings are just as severe as those already heard so often over the past 20 years. Among other discoveries, the study found that not only did Brun manage the use of more than 3,700 forced labor camp workers from seven SS-run camps, 16,500 forced laborers that didn't live in camps worked in two more factories; Bruhn wanted even more laborers but couldn't get them because of the battlefield situation; and that Auto Union had "moral responsibility" for roughly 4,500 workers killed at the Flossenbürg concentration camp. The study found that disabled workers were routinely sent to the camp and executed there.
Audi works council head Peter Mosch said, "I'm very shocked by the scale of the involvement of the former Auto Union leadership in the system of forced and slave labor. I was not aware of the extent." The company is figuring out how it will respond to the findings, so far working on changing the online profile of Dr. Bruhn on its history pages on Audi sites around the world, and considering stripping Brun's name from the street that bears it and from company offerings like pension plans. If you can read German or can work Google Translate, Wirtschaftswoche has a long piece on the study and its conclusions.

2016 Audi S6

Minutes after spending time in the refreshed 2016 Audi A6 in Germany, we were tossed the keys to its enthusiast-tuned sibling, the Audi S6. In similar manner to its lesser brethren, the S6 has also been updated for the 2016 model year with a new look, a boost in power and additional technology.
Its aggressive demeanor is heralded by a redesigned signature single-frame grille, resculpted bumpers (front and rear) and new lights on both ends - the Matrix LED headlamps fitted to our European test car are impressive, but the US DOT has ensure that we won't see them (pun intended) for now. The cabin appointments have gone even further upscale, and the enhanced MMI infotainment system now runs more fluidly thanks to a faster NVIDIA graphics chip. The primary instrument cluster, facing the operator, has been redesigned to offer its own duplicate display to ease the driver's workload.
Under the hood, the twin-turbocharged 4.0-liter TFSI V8 is bumped to 450 horsepower (a gain of 30), while torque remains the same at 406 pound-feet. The standard gearbox is Audi's seven-speed S-tronic dual-clutch unit, sending power to all four wheels through the automaker's rear-biased Quattro permanent all-wheel-drive system.