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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

2013 Lamborghini Aventador LP720-4 50 Anniversario is indeed worth celebrating

Here is the Giallo Maggio candle that carries the flame of Lamborghini's 50th anniversary: the
Aventador LP720-4 50 Anniversario Edition. There will be just 100 of them produced, each one in the buttery hue that has been the most popular color among the Lamborghini palette since the Miura arrived in 1966.
This limited-edition Aventador gets 20 more horsepower than the standard car for a total of 720 horses, and there's a new aerodynamics package to keep all of them planted on the ground. Inside, there's new leather in colors tied to the Bolognese home of Lamborghini: Terra Emilia brown or Giallo Quercus yellow, and black. A new diamond type of stitching also sets it apart from any other Aventador out there.

Lamborghini Gallardo successor to rock us like a Huracan?

Lamborghini is expected to drop the sheet on its replacement for the Gallardo later this month (think of it as an automotive Festivus gift), which means that speculation on the new supercar's looks and performance is reaching a fever pitch. While the discussion centers on powertrains, though, we're overlooking something equally important - the car's name.
We've been operating under the impression that it would be named Cabrera, after the Detroit Tigers eight-time All-Star and Triple-Crown-winning first baseman a famous line a fighting bulls, as per Lamborghini tradition. Now comes word that Lambo might be moving away from the bovine nomenclature, based on a 2012 trademark filing for the name Huracan. (Of course, it's entirely possible that Lambo historians will dig up some dusty lineage on a fighting bull with a breezy name).
That's left some wondering if the collective auto industry has it wrong. As AutoExpress points out, though, the Huracan trademark was filed at the same time the Italian brand registered the "Urus" name for its SUV concept. During that filing, Lambo also registered the name "Deimos," so really, this should all be taken with a grain of salt.