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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 CEO hints at Macan GTS, expects brand sales growth to 200K+

Porsche is expecting big things from its little Macan, with CEO Matthias Mueller announcing that not only is a sportier GTS model being considered, but that the CUV will almost certainly help push Porsche beyond its 200,000-unit-per-year sales goal three years earlier than expected.
"We're transferring the genes of the Porsche brand into a new market segment," Mueller said during a speech to kick off Macan production, according to Automotive News Europe. Macan demand should push the brand past 200,000 sales, Mueller said, confirming what we reported back in August. And if Porsche really has a hit on its hands, it is able to boost production of the sporty crossover beyond its initial capacity of 50,000 units, according to the brand's CEO.
Provided that the Macan is the success Porsche hopes it will be, Mueller hinted that the range could expand beyond the initial Macan S and Macan Turbo. "GTS versions have a tradition at Porsche," Mueller said. "We haven't made a final decision yet regarding the Macan, but I'm sure it makes a lot of sense."

Porsche Macan teaser reveals unique quad-LEDs

In truth, all-but-undisguised prototypes for the upcoming Porsche Macan compact crossover have been spotted galavanting all around the globe for some time now, but even the least-camouflaged examples have been caught wearing eyepatches covering their headlights and taillights. A dark new teaser image from Porsche clues us in to why that is - the baby Cayenne is getting unique quad-LED peepers up front.
Porsche has been hinting at lighting innovations in its production cars through recent concept reveals, including the stunning Porsche Panamera Sport Turismo showcar from last year's Paris Motor Show. The wagonized Panamera also featured four-point LED arrays up front, as well is in the rear, so it seems likely that this lighting will become a Porsche design signature going forward.
Powerpoint slides leaked from a recent dealer meeting suggest the Macan S will arrive packing a 3.0-liter turbocharged V6, while the Macan Turbo will boast a 3.6-liter force-fed unit, with both models receiving seven-speed PDK dual-clutch gearboxes. Pricing is expected to range from $52,000 for the S model to $75,000 for the Turbo.