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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

Details emerge on production-bound Lamborghini Sesto Elemento

The last we heard about the Lamborghini Sesto Elemento, Lamborghini had confirmed its production with only 20 examples of the track-only car planned, but now we're finally starting to get some of the details about this knife-edged car. AutoVisie recently had the chance to talk to Maurizio Reggiani, Director of R&D at Lamborghini, who not only confirmed what will power the new car, he also said that the production version will carryover almost untouched from what we saw in concept form at the 2010 Paris Motor Show.
What we now know is that the Sesto Elemento will share the same powertrain as the Gallardo LP570-4 Superleggera including the 570-horsepower V10 and the all-wheel-drive system, and it will be built at a new factory dedicated to building prototypes and limited-volume cars like this. Also, the report states a curb weight of 2,200 pounds, a top speed of 320 kilometers per hour (198 miles per hour) and a 0-100 kph (0-62) time of just 2.5 seconds. The only changes made to bring the concept to production were to increase the car's rigidity and its safety. This means the car will still feature all-carbon-fiber construction and unique bucket seats that are actually built into the car's body; driver adjustments coming from the steering wheel and pedals.
The estimated price for the Sesto Elemento is two million euros, or around $2.6 million US, and although the original production date was slated for early 2013, Motor Authority now says that we'll have to wait for another "year or two" to see this car in the wild. Also, it does not appear that this is the mystery car recently teased in a 50th anniversary video released by Lamborghini.

'SNL' car thief sketch shows saving the manuals can save your car

It's not news that the number of cars available with a manual transmission has dwindled, and a big reason for that is people just aren't learning how to drive them. Still, it's a worthwhile skill to pick up. Our number one reason would be because it's fun, but you never know when you might to need to do it in a pinch. Perhaps you'll have to drive a friend's old stick-shift car in an emergency, or maybe it's just a really cool car and they're giving you the chance to try it out. Or in the case of this Saturday Night Live sketch, maybe you're trying to steal a vintage Lamborghini. Yes, in the sketch titled "Car Heist," the stereotypical, "Gone in 60 Seconds"-style Hollywood break-in goes terribly awry when the wheelman is completely confounded by the three pedals and gated shifter of the target Lamborghini Diablo. And with two minutes to leave before the doors close again, his backer's attempts to teach him over the radio go about as well as you could expect, as he has to get his head around using both feet and having to learn what a clutch is. It's a situation that anyone that's learned to use a manual or has helped teach others to will find fun. I had an internship with Hagerty Insurance several years ago, and I helped with their program teaching young drivers how to drive stick with vintage and enthusiast cars. If I only had two minutes to teach someone to drive, and had to do it over the phone, I think things would've gone about as well. So give it a watch and have a little laugh. And then, if you haven't learned yet, find someone to teach you or at least watch the video below. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Humor TV/Movies Lamborghini manual transmissions saturday night live