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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 Asterion leaked in print ahead of Paris debut

The first purportedly leaked images from an Italian magazine of Lamborghini's new vehicle for the Paris Motor Show are on the web, and they closely echo the model's silhouette from the teaser. However, there's no official mention of a name to confirm that this is being called the Asterion, as rumored.
The profile image (right) definitely suggests this is the same model that Lamborghini is previewing for Paris. It features the same slightly arcing hood and roof, and it has a rear air intake behind the door. The shape also seems to support the belief that this concept has a 2+2 seating arrangement to echo earlier Lambo models like Espada.
According to Autoblog.nl, which has posted the images, the vehicle may use a hybrid V10 with three electric motors to produce in the neighborhood of 900 horsepower. Furthermore, it claims that this might be just one of two concepts that Lamborghini is bringing to the Paris show. For now it's still a mystery, but all should be revealed on October 2 for the vehicle's unveiling.

Lamborghini Aventador reports for taxi duty at Bologna airport

Lamborghini has invaded another airport as part of its 50th anniversary celebrations. In January, it took over one of the two runways at Miami-Dade International Airport so it could conduct high-speed runs and have an Aventador pose with a Boeing airliner. Across the Atlantic, the Aventador has just been made the "Follow Me" vehicle at the Aeroporto di Bologna, which is 30 minutes from the company factory in Sant' Agata Bolognese.
According to Auto Evolution, it's been done up just like the Fiat models one normally encounters on such duty - it even has a light bar in case pilots don't simply want to follow the noise. Specially trained airport staff will guide arriving flights to their gates in the Aventador from May 6 to May 19, and once passengers are deplaned, they can check out the Lamborghini exhibit inside the airport.