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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 918 Spyder gets tiny recall for rear control arms

As the recent US recall of a single Koenigsegg Agera shows, even low-production supercars aren't immune from safety campaigns. Now, there's another example that even the fastest cars can have their faults. The Porsche 918 Spyder is a pretty fantastic vehicle for its ability to mix hybrid fuel economy and incredible amounts of power, but Porsche has a problem on a few units of its halo model.
According to the recall document from the National Highway Traffic Safety Administration, Porsche needs to inspect and possibly repair five 918s in the US because the rear axle control arms may break, which could cause a loss of control while driving. In the full defect notice, Porsche says that it first noticed the problem on June 26 when the parts failed during "heavy duty durability testing (extreme race conditions)" at the Nardo test track in Italy. It transported the components back to the company's lab for inspection, and on July 18 it issued a stop-sale to inspect the suspension parts on the supercar. The automaker also contacted owners by phone to warn them not to use the car on track, until repaired.
The affected 918s will be inspected, and if the cars have the bad parts, the control arms are will be replaced. Obviously, this will be done at no cost to owners. According to a Porsche spokesperson speaking to Autoblog, in addition to the five US cars potentially affected, there were 45 worldwide. All of the cars have now been checked. Scroll down to read the report from the regulator or download the full defect notice as a PDF, here.

Chris Harris gets filthy in a WRC-ready Porsche 911 RGT

Last time we rode with Chris Harris we were shotgun in the tan leather seat of his used-yet-immaculate Ferrari FF. This time we're strapped into a black racing bucket of a filthy Porsche 911 rally car, one that led Harris to effuse, "I don't think I've driven a more exciting car this year, hypercars included." The thrills come courtesy of a 997-series Cup Car that's been reworked by Tuthill Porsche to run in the RGT-class rally series that will piggyback on five World Rally Championship and European Rally Championship races this year. It's not quite the Rothmans Dakar monster, but the RGT series gives privateers an affordable way into rallying with cars that look different and are different from one another. This one kept its 3.8-liter, 444-horsepower 997 Cup engine, but the 39-milllimeter restrictor drops that to about 350 hp. Beyond that are a new rollcage, gear ratios, suspension, fuel tank, underfloor protection and just about everything else. Said the man who built it, it cost "a lot, and it's still costing." But Harris says even though you "have to have your wits about you," it's a hoot to drive. And this is one of the few times you'll hear the phrase "What a tool!" used as a compliment. Check it out in the video above. News Source: Chris Harris on Cars via YouTube Motorsports Porsche Coupe Off-Road Vehicles Racing Vehicles Performance Videos fia rally WRC chris harris porsche 997