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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

Dax Shephard, Lamborghini Super Trofeo racer?

Dax Shepard is no Paul Newman, nor even Patrick Dempsey, but he has a pretty cool gig mixed with plenty of acting and racing. While you might know him from Hollywood comedies like Employee of the Month and Hit & Run, the Michigan native now seems to be dabbling in road racing after competing in the Lamborghini Blancpain Super Trofeo North America, and to celebrate, Lamborghini has issued a new short video introducing Shepard and kicking off its new pro-am racing series.
Like many kids of the '70s and early '80s, Shepard's love of cars can be traced back to a Lamborghini Countach, and, fittingly, his first time road racing in a car happened to be in a Lamborghini - an experience he comically suggests would be like another sort of "first time" with Selma Hayek. In addition a few chuckles, the video posted below also gives us some of our first racing footage of the Super Trofeo North America's opening weekend at Lime Rock in early July, in which Shepard grabbed a third-place finish.

Words aren't needed in the company of an Espada

There's something about vintage Italian machinery. From the curvaceous lines of the Ferrari 250 GTO to the more exacting angles of the Lamborghini Espada, the cars hold the promise of something illicit. Something both scowling parents and stern-jawed law enforcement would thoroughly disapprove of if you happened to get caught in the act. It's one of the infinite reasons we love them, and the crew at Petrolicious have managed to capture that precipice of temptation on film.
CJ Bonura was kind enough to let the crew tag along during a little impromptu canyon run in his big silver Espada. The video eschews the typical owner interview in favor of more engine audio and an appropriate soundtrack. If the clip doesn't leave you wanting to jump into your own car for a quick sprint, we can't help you. Check it out in the video below, and stay tuned for more goodness from Petrolicious.