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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 Grand Wagoneer is ambitious, but luxury comes naturally for Jeep

The good life is coming easy for Jeep, or perhaps I should say, naturally. The rough-and-tough off-road brand that can credibly claim it helped win World War II is offering a level of luxury that borders on decadent in its latest line of SUVs. After a weekend in the 2022 Jeep Grand Wagoneer, I can reiterate that Jeep’s status as a luxury good producer is legit. Really, JeepÂ’s upward mobility is nothing new. Anyone who has driven a Grand Cherokee in a top trim in the last decade will tell you the materials and layout rival premium brands of all stripes. But jumping up into the Wagoneer/Grand Wagoneer (here's our First Drive Review) territory means a different kind of fight for Jeep. ItÂ’s facing off against vehicles like the GMC Yukon, Cadillac Escalade and Lincoln Navigator. The Grand Wagoneer Series III like I tested starts at $104,000, and mine had plenty of options. At this point, Jeep is also taking aim at Mercedes, BMW and frankly anyone who makes a six-figure SUV. ItÂ’s not a Bentley Bentayga rival, but with huge touchscreens, soft saddle brown leather, rear infotainment, massaging seats, and silky McIntosh speakers, the Grand Wagoneer is one of the most well-appointed vehicles IÂ’ve tested. Will consumers pay six figures for a Jeep? Is it a luxury good? My sense is yes to both. Built just north of Detroit, the Grand Wagoneer offers an authentic Team USA vibe that works for things like Shinola and L.L. Bean. Jeep has been named the “most patriotic” brand in the U.S. for 19 straight years, and the Grand Wagoneer and Grand Cherokee L have small flags on their flanks, so thereÂ’s substance to support the marketing and mythology. The Grand WagoneerÂ’s only obvious downside is its fuel economy, which seems woefully behind the times, even for a hulking SUV. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Jeep Grand Wagoneer Interior Review | Autoblog Short Cuts Other News and Views: The Lamborghini Countach LP 500 is back Well, sort of. An ‘important collectorÂ’ commissioned Lamborghini to recreate a one-off replica of the original 1971 prototype that presaged the Countach. While the actual car was destroyed in crash testing in 1974 — things were different back then — Lambo painstakingly recreated the car that debuted at the '71 Geneva Motor Show using archival documents and original spare parts. It created new bodywork with modern tactics to get the details spot-on.

Lamborghini previews the Aventador's hybrid, 1,001-hp successor

Lamborghini is nearly ready to introduce the Aventador's long-awaited successor. Referred to as the LB744, the company's next flagship model adopts a gasoline-electric hybrid powertrain that's built around a new, naturally-aspirated V12 and rated at about 1,000 horsepower. We'll need to be patient to discover the model's exterior design, but Lamborghini provided us with a very good idea of what the specifications sheet looks like. The system's centerpiece is a mid-mounted, 6.5-liter V12 that eschews forced induction — the company has previously made it clear that it wants to keep the naturally-aspirated 12-cylinder alive for as long as possible. While the Aventador was V12-powered as well, it sounds like the mechanical similarities between the two cars end there. In the upcoming LB744, the engine is bolted to an eight-speed, dual-clutch automatic transmission that's mounted transversely behind the engine instead of longitudinally directly in front of it. The company will need to find a new name for the transmission tunnel: it now houses a 3.8-kilowatt-hour lithium-ion battery pack. The electricity stored in it zaps three electric motors: one is integrated into the transmission, while the other two are each assigned to one of the front wheels. This layout delivers through-the-road all-wheel-drive, so there's no mechanical connection between the axles, and it allows the LB744 to drive on electricity alone for short distances. The configuration also provides a torque vectoring function for sharper cornering. Lamborghini pegs the system's total output at 1,015 metric horsepower, which represents approximately 1,001 horsepower measured in U.S. terms. The bulk of the cavalry comes from the V12; it's billed as the lightest and most powerful 12-cylinder that Lamborghini has ever made and it develops about 813 horsepower at a screaming 9,250 rpm (that's 250 rpm short of its redline). Maximum torque checks in at 535 pound-feet. We haven't heard the new engine yet, but Lamborghini stresses that it went to great lengths to give it an exhaust note worthy of a supercar. More details about the LB744 will emerge in the not-too-distant future. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.