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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 files for trademark on Egoista name

Lamborghini has reportedly filed to register a trademark for the name Egoista. The name was previously used on an outrageous one-off, single-seater concept revealed in 2013. While the trademark application doesn't necessarily mean the concept will be put into production, it certainly bodes well. Fans of the marque will recall that the Lamborghini Egoista surfaced in May 2013 as a birthday present from the automaker to itself on the occasion of its 50th anniversary. The radical design penned by Walter De Silva was inspired by helicopter gunships and featured a single solitary seat under a canopy, giving the one-of-a-kind creation its "selfish" name. Motivation (were it ever let out onto the street) came from a 5.2-liter V10 like the one in the Gallardo and Huracan, optimized to the tune of 600 horsepower. The Egoista was never displayed at any auto shows, going straight to the museum in Sant'Agata Bolognese at the entrance to the company's factory and headquarters. At the time of its creation, Lamborghini said that "the Egoista is pure emotion, Never Never Land, which no one can ever possess, and which will always remain a dream, for everyone." The reported filing of the trademark application would ostensibly suggest a change of heart on Lambo's part, or at least that it could be entertaining the use of the name for some application beyond the concept that's now two and a half years old. One can dream, at any rate. Related Video:

2015 Lamborghini Hurac?n LP 610-4

We're comfortable ranking the new Lambo with a score of "Monica Bellucci" on the scale of Italian hotness.
We're fresh from the heart of the Lamborghini headquarters in Sant'Agata Bolognese, Italy, where Italian and German executives have been beaming like proud papas in front of their soon-to-debut Huracán LP 610-4. The successor to the ultra-successful Lamborghini Gallardo will have its coming out party at the Geneva Motor Show next week, but there's no need to wait any longer for the details of this hotly anticipated model.