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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

McLaren boss' exclusive Porsche 935 Street is worth three 911 Turbos

McLarens may be exclusive, but there are still hundreds - if not thousands - of people out there who can say they own one. Mansour Ojjeh is one of them, but he doesn't just own a McLaren - he owns McLaren. As in, the company that makes the racing and exotic supercars. Or 25 percent of it, anyway. As the head of Techniques d'Avant Garde, Ojjeh is one of the British outfit's largest shareholders, previously having owned Heuer watches (before selling it to luxury giant LVMH) and engineered Porsche's most successful foray into Formula One - winning the world drivers' championship three times in a row and the constructors' title twice with Alain Prost and Niki Lauda behind the wheel of McLarens with Porsche engines developed and branded by TAG.
In short, he probably could get any McLaren he wanted at the drop of a hat, but also had strong ties to Porsche in the 80s, and this is the car he wanted. It's called the Porsche 935 Street, and it's the only one ever made. Inspired by the 935 racer that won Le Mans and over 120 other races, Ojjeh contracted Porsche Exclusive when it was still in its infancy to make him one for the road. So they took a 930 bodyshell, slotted in the 3.3-liter turbo flat-six from the 934 but cranked output up to 375 horsepower, and gave it the brakes, suspension, BBS wheels and wide-body aero from the 935 racer. They painted it a deep metallic red and trimmed the interior with cream leather and wood veneer.
When all was said and done, a total of 550 modifications were performed, detailed on a seventeen-page invoice and costing as much as three new 911 Turbos at the time. Ojjeh only put 12,000 miles on the odometer, running up and down the French Riviera, and has now put it up for sale at the upcoming Bonhams auction at Spa where it's tipped to fetch upwards of 300,000 euros - equivalent to $410k at today's rates, or, once again, the price of about three new 911 Turbos.

Jack Olsen built one Porsche to do it all

Jack Olsen has built himself a lair called the 12-Gauge Garage, and inside that garage he built a lairy Porsche 911 nicknamed Black Beauty II. Although it looks like one of Stuttgart's models from the sixties or seventies, it is actually four decades of 911 gubbins from 1965 to 2000 thrown under one shell: the lightweight body is from 1972, the transaxle from 1977, the brakes from a 1986 Turbo, the engine from 1995, for example. It weighs 2,400 pounds and it's got 272 horsepower to get it going, but it's still a pure Porsche, Olsen saying, "If you stop thinking about what you're doing, it will remind you in very abrupt ways."
Olsen said the real point has been to have one car that does it all, so he does everything in his 911 from neighborhood runs to 7-11 to track racing - he loads the aero bits in the car and bolts them on trackside. And he says he'll never stop tweaking the suspension.
You can watch and hear the rest in Olsen's words in the video below.