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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 and Bentley may hold off on SUVs so VW can conserve cash

After surveying the European economic scene, Volkswagen may have decided now is not the time to launch utility vehicles with Bentley and Lamborghini badges. Bentley officials say they will continue to push for support for the EXP 9 F and Lamborghini CEO Stephan Winkelman has said planning for the Urus will continue until VW tells it to stop.
That decision could come on November 23, when VW's board will vote on the company's budget for equipment, factories and vehicles. With VW's sales slowing and the Euro economy slumping further, some industry watchers say the company is more likely to build its cash reserves than to introduce super-expensive luxury SUVs or crossovers.
"Such vehicles are anything but obligatory during a crisis," says Frankfurt-based Equinet AG analyst Tim Schuldt in a new Automotive News Europe story. "Delaying their launch would be no drama but help save costs."

Lamborghini Huracan GT3 racer unveiled [w/video]

While Lamborghini doesn't quite have the motorsports history of Italian marques like Ferrari or Alfa Romeo, the bullish brand is no stranger to the track. The company's latest challenger for racing supremacy is the Huracan GT3, which is competing in the Blancpain Endurance Series in Europe this year. Where previous Lamborghini racers saw development from outside companies – like Reiter Engineering for the Gallardo GT3 – the company brought much of that work in-house for the Huracan. Although, the motorsports experts at Dallara did help craft the aerodynamics here. Unlike the production version, the GT3 is purely rear-wheel drive, and the engine remains a 5.2-liter V10. However, it's hooked to a six-speed sequential gearbox. All of the adjustments to go racing, allow the GT3 to tip the scales at 2,732 pounds, a healthy reduction over the already light, 3,135-pound dry weight of the regular Huracan and even around 80 pounds less than the Super Trofeo one-make racer. That said, due to the balance of performance in motorsports, the FIA might still adjust the final number for competition. Lamborghini's Squadra Corse team will be racing in these vibrant lime green Huracans in Blancpain, but if you want to compete against them, the price for the GT3 is set at 369,000 euros ($427,400) before taxes. The company's official press release only mentions European motorsports, but earlier rumors suggest the brand might also offer the car to squads in the United SportsCar Championship. So, we might see them on track here in the future. The clip below gives a glimpse of what Lambo's latest racer can do in race trim. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. WORLD PREMIERE OF LAMBORGHINI HURACAN GT3 BY AUTOMOBILI LAMBORGHINI Sant'Agata Bolognese, 21 January 2015. Automobili Lamborghini has presented the new Lamborghini Huracan GT3, in a world premiere at its headquarters in Sant'Agata Bolognese. The unveiling ceremony was carried out in the presence of media, customers and partners from around the world. The GT3 competitor makes its debut following that of the new Huracan LP 620-2 Super Trofeo, which will be the protagonist of the Lamborghini Blancpain Super Trofeo in Europe, Asia and North America from this year. Starting in 2015, the Huracan GT3 will line up in the Blancpain Endurance Series that runs over five venues in Europe, among which is included the famous Spa-Francorchamps 24-hours race.