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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 SVJ is a V12-powered carbon fiber flagship

PEBBLE BEACH, Calif. — Lamborghini officially pulled the covers off a special version of the brand's Aventador flagship this evening, and it wears a cryptic SVJ 63 designation. The name comes from the year 1963, which is when Lamborghini was founded. Only 63 will be built, and with the amount of carbon fiber and extroverted graphics covering them, they'll definitely stand out from the crowd. Power for the Aventador SVJ comes from a V12 engine producing 770 hp at 8,500 rpm and 530 pound-feet of torque at 6,750 rpm. That's enough power to push the Aventador Superveloce Jota from 0 to 62 miles per hour in just 2.8 seconds and to a top speed of over 217 mph. But its true claim to fame is its performance on the track. The SVJ currently holds the production vehicle lap record at the Nurburgring, lapping the famous circuit in 6:44.97. View 23 Photos Aerodinamica Lamborghini Attiva 2.0 debuts on the Aventador SVJ. Similar to the system in the Huracan Performante, electronic actuators open or close flaps in the front splitter and on the engine cover. Combined with Lamborghini Dinamica Veicolo Attiva 2.0, the SVJ's electronic brain can adjust been zero and maximum downforce in less than 500 milliseconds. Air over the car's rear wing can be split left and right, allowing for downforce to be applied only on the wheel that needs it. Total production of the Aventador SVJ — including the even more exclusive 63 — will be limited to 900 units. Deliveries are slated to begin in the first part of 2019 at a starting price of $517,770.00. Related Video: Featured Gallery Lamborghini Aventador SVJ at the Quail View 18 Photos Related Gallery Lamborghini Avendador SVJ: Live Unveiling View 10 Photos Image Credit: Live photos copyright 2018 Drew Phillips / Autoblog.com Design/Style Lamborghini Technology Coupe Luxury Racing Vehicles Performance Supercars Pebble Beach lamborghini aventador svj

Urus could be Lamborghini's first turbo

Ferrari has used turbochargers off and on over the years. Porsche has long embraced them. McLaren uses them exclusively these days. As do Pagani and Bugatti. Lamborghini never has, but that could all change in the near future.
According to Auto Express (whose reports we usually take with a grain or two of sodium chloride) in speaking with Sant'Agata's R&D chief Maurizio Reggiani, Lamborghini could be forced to start using turbocharged engines in the next three to four years. And their first application in the Raging Bull marque's history could be on the upcoming production version of the Urus concept.
The Urus, for those who may not recall, was a crossover concept unveiled at the Beijing Motor Show two years ago and which we saw in a closed-door preview just before that during the New York Auto Show. Taking a sportier approach than the unapologetically utilitarian LM002 (popularly known as the "Rambo Lambo"), the Urus followed the Estoque sedan concept in testing the waters for a different kind of Lamborghini - one to which potential buyers apparently responded positively, as the Italian automaker has been working on bringing it to production ever since.