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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 911 RSR stops just long enough to have its photo taken

When it comes to Porsche and its rapidly escalating endurance racing program, all eyes may be on the new 919 Hybrid - and with good reason: that's the vehicle with which Porsche will be challenging the likes of Audi and Toyota for wins in the top-tier LMP1 class of the FIA World Endurance Championship and at Le Mans. But it's the 911 RSR that does and will continue to form the backbone of the factory's effort.
The 470-horsepower racing version of the road-going 911 took a one-two finish in its class at Le Mans last year, and also won its class at the Daytona 24 this past January as well. This year Porsche will field two of them in the WEC, another two in the United SportsCar Championship here in the US and will sell countless more to customer racing teams that will undoubtedly continue to rack up trophies in racing series around the world. This, then, might be a unique chance to see one standing still. Check it out in our gallery of live images above from the Geneva Motor Show.

Here are this year's top 5 automaker April Fools’ jokes

April 1 is the wonderful day when PR departments really push themselves to top the zany jokes they came up with the previous year. And it's not just fast-food chains competing with each other, or breweries announcing they have released stuff like a fermented herring flavored beer: carmakers' media teams rarely miss out on the opportunity to play a little joke on their audience. Here are a few of our favorites from this year:1) Porsche Porsche announced that it's launching a Mission E tractor, styled to resemble its 1950s tractor models. "With a power output in excess of 700hp, the Mission E Tractor will be the fastest accelerating agricultural vehicle in the world, enabling farmers to harvest crops in record time with the added environmental benefits of zero emissions at source and significantly reduced operating noise."2) Lexus Lexus actually jumped the gun, telling us on March 28 that it's combining cars and drivers using DNA matching. The kicker was that with DNA-matched cars, owners would be able to start their Lexuses by licking the steering wheel.3) McLaren Automotive McLaren said it's boosting efficiency by quite eccentric measures, such as measuring the technology center's lake and floor tiles daily, and by synchronizing the staff's tea breaks.4) BMW Motorrad BMW's motorcycle arm is solving parts availability issues in remote locations by offering a 3D printer mounted permanently on the bike's rack: If you need to replace a broken-off gear lever, you can just print one. "The new system will mean that even very rarely required parts not generally stocked by BMW Motorrad sales partners can be supplied on a just-in-time basis." BMW even went to the lengths of announcing that the "BMW Motorrad iPart 3D Mobile Printer" was tested on the Antarctic, by erecting a tent whose poles were produced onsite.5) Honda Last but not least, Honda UK purportedly cut the roof off a new CR-V, calling it the CR-V Roadster. Tellingly, no convertible top was even offered for the concept, "making it a no-top rather than a drop-top. This innovative design makes it a vehicle purely for sunnier climates and therefore completely useless for the two-day British summer which traditionally occurs in May."Related Video: Featured Gallery Top 5 April Fools 2018 Image Credit: Porsche Green Humor Weird Car News BMW Honda Lexus McLaren Porsche bmw motorrad mclaren automotive