2005 997 Carerra S - 14,700 Miles, Black/black, 6 Speed on 2040-cars

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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

Porsche GT division rules out AWD, SUVs

Any German automaker worth its lap times needs a performance division. Mercedes has AMG, BMW has the M division, Audi has Quattro GmbH with its S and RS models... even Volkswagen has its R line of hot hatches. And though Porsche is a performance automaker unto itself, even it has a performance division. It's called Porsche GT, and though it's been branching outside the 911 range lately, don't expect it to wander too far. According to Car and Driver, which spoke recently with Porsche GT boss Andreas Preuninger and R&D chief Wolfgang Hatz, there are limits to what the division will do. And while those limits may have been broadened to include technologies like turbocharging and dual-clutch transmissions, they won't stretch as far as all-wheel drive. Take a look at the previous-generation 997 and what separated the 911 GT2 from the 911 Turbo was principally its all-wheel-drive system. Porsche GT isn't planning on doing a GT2 this time around – the new GT3 RS occupying that territory on its own – but the next generation (whether it wears the number 2 or 3) will likely go turbo along with most of the rest of the 911 family. The exclusion of all-wheel drive from the Porsche GT parts bin also means that the division won't be taking on the company's SUVs like the Cayenne and Macan. So the Cayenne GTS will be as extreme as it gets, taking on the likes of the BMW X5 M, Mercedes GL63 and Audi SQ5 without the help of Zuffenhausen's racing department. We can't expect the PDK to stick around though, so to speak. Though the new Cayman GT4 packs a manual transmission, the 911 GT3 and GT3 RS have dual-clutch gearboxes. Moving forward, Preuninger says they'll leave it up to prospective customers to decide which type of transmission they'll build into their most extreme performance models.

Jeep Wrangler and Mitsu PHEV driven, and Ford is up to something | Autoblog Podcast #539

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder and Associate Editor Joel Stocksdale. We talk about driving the 2018 Jeep Wrangler and Mitsubishi Outlander PHEV we had at our office. We speculate about the Ford Maverick and Michigan Central Station, talk Porsche Cayenne E-Hybrid news, and help spend a listener's money on a pair of vehicles. Autoblog Podcast #539 Your browser does not support the audio element. Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars in the office: Jeep Wrangler and Mitsubishi Outlander PHEV Ford trademarks Maverick and Timberline Ford to buy Michigan Central Station? Porsche Cayenne E-Hybrid details Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Podcasts Rumormill Ford Jeep Mitsubishi Porsche Car Buying Used Car Buying Crossover SUV Electric Hybrid Luxury Off-Road Vehicles michigan central station