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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

Lamborghini Aventador SV Roadster will debut in Monterey

While the Monterey Car Week and Pebble Beach Concours d'Elegance remain a brilliant place to watch cars (and people), it just wouldn't be the same if some of the world's finest automakers didn't bring something new to the affair. Lamborghini will take center stage in the lead up to this year's Concours, unveiling the all-new Aventador LP 750-4 Superveloce Roadster at The Quail on Friday, August 14. While normally we'd say that details are scarce, the truth is, we expect the Aventador SV Roadster to simply mimic the standard SV hardtop. That should mean a screaming, 740-horsepower V12, a sub-three-second sprint to 60 miles per hour, a 200-mph-plus top speed, and a price tag in excess of half a million dollars. The SV Roadster will be limited to just 500 units, making it rare even among the ultra-pricey world of Lamborghini. Look for much more on the SV Roadster when it makes its debut next week at The Quail, in sunny California. Until then, scroll down for Lambo's brief press release. Related Video: Sant'Agata Bolognese 7th August 2015 – Automobili Lamborghini will present the global unveiling of the Aventador LP 750-4 Superveloce Roadster during a press conference at "The Quail, A Motorsports Gathering" on Friday, August 14 at 10 a.m. Following the sold-out coupe, Lamborghini will offer a more exclusive option for customers seeking the performance associated with the Superveloce moniker and the joy of open cockpit driving. Representing a true expression of super sports car purity, the Aventador LP 750-4 Superveloce Roadster is limited to a 500-unit production run. Further details about pricing, dealer delivery and specifications will be released in conjunction with the official debut.

Seinfeld and Chris Rock laugh it up in a Lamborghini Miura

Jerry Seinfeld has featured many beautiful cars and hilarious comedians in his Comedians in Cars Getting Coffee web series, but this latest episode might top them all. (To his credit, it feels like we've been saying that a lot lately). In this video, Seinfeld snags the keys to a 1969 Lamborghini Miura and picks up funnyman Chris Rock.
Not surprisingly, Seinfeld says the Miura is "the most beautiful car ever designed," and he shows how fast it can be, too. After stopping for lunch and a conversation with Rock, Seinfeld gets an unexpected chat with one of New Jersey's Finest. There are plenty of laughs, but the Lamborghini and its long eyelashes steal the light in this episode. Check it out below.