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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

Lamborghini Aventador S Roadster loses roof, keeps the speed

Supercar builders seem to becoming good at making convertibles that make negligible sacrifices. McLaren recently launched the 570S Spyder, which is exactly as fast, stiff and efficient as the coupe with only about 100 pounds of extra weight. Now, Lamborghini has done virtually the same thing with its flagship Aventador S Roadster. The Aventador S Roadster features the same naturally aspirated V12 as its hard-headed twin, and it makes the same 729 horsepower and 509 pound-feet of torque. That engine will take the roadster to the same 217 mph top speed as the Aventador S coupe. The only sacrifices appear to be that the roadster weighs 110 pounds more than the coupe, and it has a claimed 0-62 mph time a tenth of a second slower. But we're not sure you'll care about that tenth of a second with the wind in your hair and the V12's exhaust note in your ears. And if you ever get tired of the exposure to the elements, you'll always have the top with you, since the top panels, weighing roughly 13 pounds a piece, can be stowed in the front trunk. Actually, there is one extra sacrifice to choosing the convertible, and that would be the price. The Aventador S Roadster has a starting MSRP of $460,247. That's roughly $40,000 more than the coupe. That could get you a well-optioned and customized Aventador S coupe, but no amount of custom interior configurations can get you the full auditory experience the Roadster can. Related Video: Featured Gallery Lamborghini Aventador S Roadster: Frankfurt 2017 Related Gallery Lamborghini Aventador S Roadster View 14 Photos Image Credit: Lamborghini Lamborghini Convertible Supercars lamborghini aventador s

Lamborghini builds 2,000th Aventador, production rate continues to climb

Last July, Lamborghini celebrated the assembly of its 1,000th Aventador. That was an impressive milestone for the $400,000-plus supercar, as its Murciélago predecessor took took nearly three years to accomplish the same feat. But the automaker's biggest and baddest bull has broken another milestone, as the Aventador celebrated its 2,000th vehicle produced last week. The Nero Nemesis (matte black) car rolled off the assembly line on June 6, destined to the garage of Thaddeus Arroyo, who lives in the States.
Originally launched as a closed-roof coupe at the Geneva Motor Show in 2011, the Italians introduced the open-roof LP 700-4 Roadster last fall at the Los Angeles Auto Show before allowing us to drive it in February of this year. Assembled in Sant'Agata Bolognese, Lamborghini's Aventador is currently running at a production rate of nearly five units per day.
Lamborghini has understandably been very pleased with its flagship, and customer demand shows no signs of faltering. According to the automaker, the waiting list for new car is longer than a year. Be sure to check out the press release below.