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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

Bathurst 12-hour gallery is GT3 heaven [w/video]

The 2015 Liqui-Moly Bathurst 12-Hour race was run this weekend at the Mt. Panorama Circuit in Bathurst, Australia. Race photographer Joel Strickland sent us a huge batch of photos, all of which make us salivate for the switch to GT3 rules in the United SportsCar Championship; the top seven finishers at Bathurst were of seven different makes: Nissan GT-R NISMO GT3, Audi R8-LMS Ultra, Aston Martin Vantage GT3, Bentley Continental GT3, Mercedes SLS AMG GT3, Ferrari F458 Italia and Lamborghini Gallardo. It was a sweet victory for the No. 35 car driven by the NISMO Athlete Global Team after it crashed in Saturday qualifying, and then was only in third place on the penultimate lap. The three-man driving team included two GT Academy winners, one of whom, Florian Strauss, has only been a professional race car driver for 18 months. It's the first time the GT-R has won at Panorama since the original R32 "Godzilla" took back-to-back wins in 1991 and 1992. Second place went to the No. 15 Phoenix Racing Audi R8-LMS Ultra, 2.4 seconds behind the winners, third to the Craft Bamboo Racing Aston Martin Vantage not even half a second behind the Audi. The Bentley Motorsport team, in its first Bathurst 12-Hour with two cars, had its No. 10 Continental GT3 in the lead until the penultimate lap and in second place until the final corner, but crossed the line in fourth after some rubbin'-is-racin' action from chasers. And if pictures aren't enough, as of writing you can still watch the live stream of the entire race at the Bathurst 12-Hour site. Or, if you don't have the time, at least be sure to check out the last five minutes, below. Enjoy. Featured Gallery 2015 Liqui-Moly Bathurst 12-Hour View 118 Photos Image Credit: Copyright 2015 Joel Strickland / AOL Motorsports Aston Martin Audi Bentley Nissan Coupe Racing Vehicles Videos aston martin vantage gt3

Audi RS3 Sportback is the hottest hatch

Fans of compact, European vehicles that mix luxury and performance should be in paradise right now. There's already the 320-horsepower M235i from BMW and the 355-hp CLA45 AMG (or A45 elsewhere) from Mercedes-Benz, but you can now add one more to the list. Meet the Audi RS3 Sportback, which boasts 362 hp and five doors, too. With propulsion coming from Audi's turbocharged 2.5-liter five-cylinder that makes 343 pound-feet of torque (465 newton-meters), the RS3 Sportback can scramble to 62 miles per hour in 4.3 seconds. Top speed is limited to 155 mph, but buyers can opt to raise that top end to 174 if desired. The inline-five is mated to a seven-speed S-tronic dual-clutch gearbox, sending power to the ground via Quattro all-wheel drive with torque vectoring, which can send between 50 and 100 percent of the power to the rear wheels as needed. To cope with the boosted output, the suspension has been lowered by an inch compared to the standard A3 Sportback, and magnetic dampers are a further option. Buyers can also tick the box for carbon-fiber-ceramic brake rotors at the front. The RS3 goes on a diet its latest iteration, too, weighing 121 pounds less than its predecessor. While buyers get potent power, Audi keeps the looks understated. The exterior wears a front airdam with larger openings and some aluminum flourishes, and a diffuser at the back gets some more matte trim. A roof spoiler and aluminum look for the mirror housings add a few other touches to catch the eye. Inside, all versions get sport seats covered in Nappa leather and a flat-bottom steering wheel wrapped in leather and Alcantara. But for the really sporty look, buyers can spec optional RS buckets with a carbon shell that weigh 15 pounds less than the standard units. European deliveries of the RS3 Sportback begin in the summer. Autoblog reached out to Audi spokesperson Mark Dahncke who told us there are currently "no plans to bring it to the US." Scroll down to read Audi's full announcement of this five-door hot hatch. Power in compact form – the new Audi RS 3 Sportback Ingolstadt, 2014-12-12 Sporty top model of the A3 model series Most powerful production five-cylinder in RS history with 270 kW (367 hp) 0 – 100 km/h (62.1 mph) in 4.3 seconds – 0.3 seconds faster than the previous model Hot, throaty sound, exhilaratingly free-revving and brawny power – the five cylinder engines from Audi are legendary.