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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 Q2 is coming soon to a city center near you

For a company that exploded into modern consciousness through its Quattro all-wheel-drive technology, delivering a crossover with just two-wheel drive could be a big leap for Audi. While some models offer all-wheel drive, Audi will deliver the entry-level versions of its all-new segment-stealing Q2 baby crossover SUV with just front-wheel drive. All Q2 models will run as front-wheel-drive cars most of the time anyway, with the all-wheel drive doled out by an electronically controlled, multi-plate differential. Fitted as standard only to the range-topping 2.0-liter petrol and diesel models, and optional on the 1.4-liter petrol and less-powerful 2.0-liter diesel models, the system only moves torque to the rear axle when the front end has run out of grip. Looking past which wheels are driven, there are more reasons to be positive than negative about the Q2. First, where the Prologue concept was the first car from new(ish) design boss Marc Lichte to wear an Audi badge, the Q2 will be his first production model. No more sausages cut to different lengths, he insists, and you can tell he means it when you look at the huge, chamfered cut they've taken out of the top of the doors at the tornado line. Designed and conceived for a younger, more urban audience than any Audi before it, the Q2 will also deliver buyers a full Mini-style level of individualization for its five-seat cabin. View 47 Photos Audi will launch the car with six different engines and the teasing promise of plug-in hybrid power "one day" in its life cycle. At 13.7 feet long, the Q2 is 7.67 inches shorter than the Q3 and far lighter, too. At just 2,657 pounds, it's light enough that Audi felt comfortable giving it a 114-horsepower, 1.0-liter, three-cylinder engine as its entry powerplant. From there, Q2 buyers can step up to a 1.4-liter, turbocharged four-cylinder engine with direct injection, variable valve timing and lift, and cylinder-on-demand technology, with 148 hp. The top petrol-powered variant will have the 2.0-liter, four-cylinder turbo motor, with both direct and indirect fuel injection and 190 hp. A 114-hp version of the 1.6-liter, four-cylinder turbodiesel provides the step-in point to the diesel range (in Europe, anyway), followed by a 148- and 190-hp versions of the 2.0-liter turbodiesel.

Audi RS3 sedan spied testing at the Nurburgring

Although American enthusiasts often miss out on foreign forbidden fruit, we've known for a while that the Audi RS3 will probably make it to the United States in 2017. While there's been no official word, Audi of America CEO Scott Keogh has made it clear he wants to bring the car over. Audi already sells the handsome RS3 Sportback in Europe, but since European hot hatches don't tend to fly here it will most likely come only as a sedan. Now we have spy shots to drool over. View 7 Photos These gallery above shows the 2016 RS3 Sportback that sits at the top of the range in Europe. The RS3's turbocharged five-cylinder engine sends power through Audi's quattro all-wheel drive system, propelling the car to 62 mph in just over four seconds. We can only make an educated guess as to what will power the RS3 sedan. Quattro all-wheel drive is a given, as is turbocharging. The European RS3 Sportback comes with a seven-speed dual-clutch that will probably make it to the US. In that car, the transmission is fed by a 2.5-liter turbocharged inline five-cylinder engine making 362 horsepower and 343 pound-feet of torque. Rumors suggest that Audi will make up for lost time by giving us the 400-hp inline-five that powers the new TT RS. These spy photos show a black RS3 sedan ripping around the Nurburgring, partially covered in camouflage. Through the camo we can see all of the basic hallmarks of Audi's RS line: cues like larger wheels, brakes, and a spoiler. The front has a hexagonal pattern in the grille that's typical of RS models, while the air intakes are larger and the chin spoiler looks to sit lower than the standard car's. From the side we can see different skirts and fixed brake calipers. Around back two large exhaust pipes replace those of the standard car, which may be the biggest indication that the vehicle is in fact the RS3. Models like the S3 and S4 have quad exhaust tips, while RS models feature two large exits like the ones on the 2016 RS3 Sportback. For 2017, Audi has made some changes to the A3 line, but we haven't heard or seen anything official from Audi regarding the 2017 RS3, be it Sportback or sedan. With the A3 and S3, the interior benefits from the company's fantastic virtual cockpit digital gauge cluster. The company also added some driver assistance features and refreshed the car visually with new front and rear facias.