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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

Latest ultra-light Lamborghini only costs around $32,000

Lamborghini, not finished celebrating its 50th anniversary with special models like the Veneno, has subtracted two wheels for the next stage of the party. The BMC Lamborghini 50th Anniversary Edition Impec is the second go-round of the collaboration between Swiss bicycle maker BMC and the Italian carmaker, both based on linking the carbon-fiber framed Impec to the carbon-fiber bodied Aventador.
Last year's run-of-30 Impecs has become this year's run of 50, each one built to order, and each costing 25,000 euros (about $32,000 US). BMC's special framebuilding technique is graced by a paint job unique to the model, Italian components and the same leather used in that taurean coupe. As with the car, you can order it at your local Lamborghini dealer and take delivery there.
If you're keen, the press release below can tell you what it will take to throw a leg over.

Would you pay Lamborghini Aventador money for a Countach?

This pair of Lamborghini Countaches going up for auction at Silverstone are both anticipated to sell for around GBP300,000, which is equivalent to over $400,000. For that kind of money, you could buy a new Aventador – which only goes to show that supercars like the ones we had posted on our childhood bedroom walls are coming of age, and that some members of that generation have evidently done better financially than others. The red example is a 25th Anniversary edition, arguably the ultimate version of the Countach with all its squared-off vents, slats, and miscellaneous aerodynamic appendages. This particular example belonged to Cleo Roberts, wife of Carroll Shelby, and it's the first time it's going up for sale in 16 years. Joining it is an earlier Countach 5000 S in white that once belonged to a Saudi Prince. This variant was even more rare than the 25th Anniversary edition (with 320 made versus 627), boasts royal pedigree, and recently underwent a thorough restoration. So even with more miles on the clock (30,000 versus 8,000), it's expected to bring in slightly more once the two cross the auction block at the famed British racing circuit later next month. Related Video: PAIR OF SPECIAL LAMBORGHINIS COULD BE YOURS Two very special Lamborghini Countachs have recently joined Silverstone Auctions' May Sale, taking place on Friday 20th May at Silverstone race circuit. The first of the two examples is a 1989 Lamborghini Countach 25th Anniversary edition, one of just 627 made to celebrate Lamborghini's 25th birthday, and the most refined and powerful version of the Countach produced before it was superseded by the Diablo. Designed by none other than Horacio Pagani, creator of the iconic Zonda, the 25th Anniversary edition features bespoke wheel arch extensions, extended air intake ducts and a new rear engine cover design, as well as increased torque and performance with a top speed of 185mph. Now offered for sale for the first time in 16 years, this particular right-hand drive example was previously owned by Cleo Roberts, who went on to become the wife of legendary automotive designer, racing driver, and entrepreneur Carroll Shelby. This highly collectible Lamborghini is expected to achieve GBP250,000 to GBP300,000 at auction having covered just 8,000 miles from new, and is presented today in excellent condition and finished in its original colour combination of Rosso with Bianco leather.