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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

The Lamborghini Centenario is sold out

Lamborghini is expected to unveil a new supercar at the Geneva Motor Show in a couple of months. Tipped to be called the Centenario, the limited-run special will commemorate the hundredth anniversary of company founder Ferruccio Lamborghini's birth. But before it makes its public debut, the company has reportedly sold every last one. The Centenario (or whatever it's ultimately called) will be the latest in a line of limited-production supercars rolling out of Sant'Agata, following in the footsteps of the Reventon, Sesto Elemento, and Veneno. It's expected to be based on the Aventador, but with unique bodywork and a more potent version of Lambo's 6.5-liter V12 engine. The company is expected to produce 40 examples – 20 coupes and 20 roadsters – all of which have reportedly already been spoken for despite a price tag of nearly $2.4 million. The trend of selling out such high-end machinery prior to their debut is picking up steam at the top end of the supercar market. Manufacturers like Lamborghini, Bugatti, Pagani, and Koenigsegg typically show their most dedicated customers plans for what they have in store behind closed doors and start taking deposits before the vehicle is ever shown to the public. And with such limited production numbers, they sell out rather quickly, no matter how many millions the company charges for the privilege. As Autocar points out, 2016 also marks the 50th anniversary of the Miura – one of Lamborghini's most legendary models. Ten years ago the company marked the model's 40th anniversary with a one-off concept that never saw production. While Lamborghini is more forward-looking than prone to retro throwbacks, we wouldn't be surprised to see some form of tribute resurface this year.

Party sponsored by Lamborghini tried to airlift yacht into Austin lake for F1 race

This was the kind of understatement we didn't expect to encounter in the Lone Star State: on our way into Austin to attend the Grand Prix of the Americas, the man sitting next to us on the plane - an Austinite born and raised - said, "There's gonna be a lot of wealthy people here." You know, as if Texas didn't have its fair share already.
Wealthy people need wealthy things to do and not-as-wealthy people to arrange such things for them. Case in point is My Yacht Club, which follows the Formula 1 parade and other rah-rah events around the globe, hosting guests and parties on yachts. In Austin the event group has had to change its schtick; there's no way to navigate one 150-foot motor yacht into Austin's Lady Bird Lake. MYC principal Nicholas Frankl told KUT News, "We spoke to the Army Air Corps. They couldn't lift it." We believe he meant the Army Corps of Engineers, but no matter, they couldn't lift it either.
So MYC has switched to a land-lubbers venue, The Long Center where Ballet Austin, the opera and the symphony perform. In case you readers are worried about how guests will manage without chiseled Italian deckhands in epaulets, not only has Frankl promised that "the elements of decadence and luxury and coolness and exclusivity are all there," guests will get to guzzle 24-karat gold-infused champagne. Because the stars at night just aren't as big and bright without it, obviously.