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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 concept drives itself to CES with updated powertrain

What's the point in crafting a one-off concept car if it only gets to stand in the spotlight at one show? That's what automakers have been asking themselves recently, and the answer has, generally speaking, been to repaint their show cars, give them a bit of new tech and put them back on center stage. And the latest to do so is Audi, which has given its Prologue concept a new lease on life. The Prologue was originally unveiled at the Los Angeles Auto Show less than two months ago, showing the way forward for the future of Audi design, in an elegant coupe form that looked ready to take on the Mercedes S-Class Coupe. We even got a chance to drive it around the streets of LA, and when we did, we marveled at the concept's advanced infotainment system that caters a range of personal preferences according to who's on board. "It's easy to see how this could even reach for chauffeured, or autonomously driven vehicles" in the future, we said at the time. And it turns out Audi was on the same page. At CES this year, Audi has brought back the Prologue concept, given it a darker coat of grey paint, a grey-tone interior (instead of the previous shades of brown and tan), a fresh set of wheels and equipped it with the autonomous tech the German automaker has been at the forefront of developing. Though other automakers have been fitting their self-driving prototypes with all-electric powertrains, Audi kept the 4.0-liter twin-turbo V8 in place – but fitted it with a hybrid assist to drive output up from an already prodigious 605 horsepower and 516 pound-feet of torque to an even more impressive 677 hp and 701 lb-ft, dropping the 0-62 time down to 3.5 seconds. Now that's the kind of "piloted driving" tech (as Audi calls it) that we can get behind.

Audi and FAW to launch A6 E-Tron in China

Audi and its Chinese joint-venture partner FAW have announced that they'll be building a production version of the Audi A6 E-Tron Concept, shown at the 2012 Beijing Motor Show. Based on the China-only long-wheelbase A6, the plug-in-hybrid model is being targeted specifically at the People's Republic.
Audi is promising a 50-kilometer (31-mile) electric range for the fuel-sipping sedan, although there are precious few details beyond that. We do know, though, that this will be a Chinese-built vehicle, with assembly slated for the FAW-Volkswagen joint-venture factory in Changchun. We presume we'll find out more when the Beijing Motor Show kicks off a few weeks from today.
"We are the market leader in China's premium segment and will continue systematically with the application of efficiency technologies. Audi is thus supporting the Chinese government's targets for the reduction of fuel consumption," said Dr. Dietmar Voggenreiter, the president of Audi China.