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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 Miura, Porsche 911 highlight Techno Classica

Visitors to the Techno Classica show in Germany this weekend were treated to the spectacle of all manner of classic cars under the roof of the Messe Essen. Not surprisingly, the Volkswagen Group was well represented, with the historical departments of two of its flagship marques showcasing their in-house restoration projects – albeit in radically different states of repair. While Porsche brought a completely restored example of a particularly storied 911, Lamborghini went the opposite route by displaying the bare body-in-white for a Miura. With the Miura now celebrating its 50th anniversary, Lamborghini's recently launched PoloStorico division is in the process of restoring several examples. Chassis #5030 is a Miura SV that, as you can see, is still in the middle of its refurbishment, its frame corrected but still unfinished – but that didn't stop the Raging Bull marque from putting it on display. It was joined by the freshly completed green example (chassis #4846) that was the department's first project, as well as the engine from a Miura P400S. Meanwhile, Porsche Classic arrived with a lovely 911 2.5 S/T, the precursor of the 911 RSR. One of only 24 examples made, this particular vehicle won its class at Le Mans in 1972 at the hands of works driver Jurgen Barth (who would alter claim victory overall in '77). It was rediscovered in poor health decades later by a collector, who commissioned Porsche Classic to bring it back to life. The task proved monumental, the vehicle having been modified, crashed, rusted, and used as a playground for children. Both vehicles aptly demonstrate the kind of care that these manufacturers' own restoration departments put into preserving their company's legacy. If you weren't in Essen this weekend to see them first-hand, you can check them both out in the pair of image galleries. Related Video: LAMBORGHINI POLOSTORICO AT TECHNO CLASSICA 2016: RESTORATIONS CELEBRATE MIURA 50TH ANNIVERSARY Lamborghini PoloStorico is at Techno Classica in Essen, 6-10 April 2016, celebrating the Miura's 50th anniversary and illustrating its scope of expertise in restoring classic Lamborghini models. Showing the original Miura SV first unveiled at the 1971 Geneva Motor Show and the subject of a full restoration by Lamborghini PoloStorico, the stand also displays a Miura chassis demonstrating work in progress and a fully overhauled Miura engine.

Car and Driver 10Best list cracked by Tesla Model S, BMW 3 Series left off

Car and Driver is keeping new blood pumping into its annual 10Best cars list with three new entries making it on for 2015 and a perennial favorite falling off. Among the biggest shocks this year is that the BMW 3 Series and 4 Series are no longer named, despite years of some portion of that lineup earning a mention. In another surprise, the Tesla Model S (specifically in S 60 trim to fit under the $80,000 cost cap) makes it to the 2015 roster and is the only electrically motivated member of the group. Despite the loss of the 3 Series, BMW isn't entirely shut out this year, because the M235i gets its name on the list. Car and Driver argues that the little coupe feels like a welcome throwback to the E46 chassis M3 of the early 2000s. In addition to the Model S, the final newbie to the annual group is the 2015 Ford Mustang GT. The inclusion of these new members knocks the Audi A6/A7 family and Ford Fiesta ST out from the 2014 rundown. The other seven models carry over from last year, including the Cadillac CTS, Chevrolet Corvette Stingray, Honda Accord, Mazda3, Mazda6, Porsche Boxster/Cayman and Volkswagen Golf/GTI. The 2015 10Best cars list certainly seems to have something for everyone from the hot hatch fan to the family man and even the green car driver, thanks to the addition of the Tesla. Head over to Car and Driver to read its detailed explanations for each vehicle's inclusion, but if you've got a difference of opinion or just really like the list, let us know in Comments. Featured Gallery Car and Driver 2015 10Best Cars List View 10 Photos News Source: Car and DriverImage Credit: Car and Driver, BMW, Cadillac, Chevrolet, Ford, Honda, Mazda, Porsche, Tesla, Volkswagen Auto News BMW Cadillac Chevrolet Ford Honda Mazda Porsche Tesla Volkswagen Convertible Coupe Hatchback Performance Sedan 10Best