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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

2016 Porsche 911 GT3 RS prowls into Geneva with biggest NA engine in the 911 range [w/video]

We've been waiting for the debut of this road-going and race-ready Porsche 911 GT3 RS for quite some time now. As is typical for high-profile sports machines, the new 911 has been foreshadowed with spy shots and information leaks aplenty, all pointing to this grand day at Geneva. Here she is. Just a glance at the duct-sliced bodywork and massive rear wing will tell you that this Porsche means business, but let's look at its bona fides. The heart of the matter, under that short rear deck, is the largest-displacement and most powerful naturally aspirated engine in the 911 family, with 500 horsepower and 338 pound-feet of torque developed by the 4.0-liter flat-six. That hoss of an engine is mated to a newly developed version of Porsche's PDK dual-clutch gearbox – with functions such as "paddle neutral" that effectively works like depressing the clutch on a standard manual, and a Pit Speed button for on the track. Working in concert, engine and trans allow the GT3 RS to sprint to 60 miles per hour in 3.1 seconds, hit a quarter mile in 11.2, and lap the Nurburgring Nordschleife in just seven minutes, 20 seconds. (That 'Ring time makes it the fastest current 911 around the benchmark course, and five seconds faster than the current 911 GT3 – so quick.) Weight has been saved via exotic materials; the car sports a magnesium roof and carbon fiber for the trunk and engine lids. Overall the RS is 22 pounds lighter than the GT3, but also boasts a lower center of gravity. As we said at the top, there's a wide, low and aggressive body kit on the GT3 RS, all engineered with racing performance in mind. That huge rear wing is balanced in the front by a deep chin spoiler, and the front wheel arches have been punctuated with vents that help to increase downforce on the front axle. The roll cage is the most obvious interior modification to let one know that this is a racing tool, but Porsche has also slathered the space in Alcantara and installed carbon-fiber bucket seats (based on those found in the 918 Spyder) to drive the point home. The cost of such racing glory will be steep at $175,900 plus a $995 destination charge, but not out of the scope of the current ask for the 911 range, when you consider that a Turbo S runs over $180k. Look for 911 GT3 RS deliveries to start in July of this year in the US, and for track days to be more competitive for the addition. Porsche 911 GT3 RS: the Ultimate 911 for High-Performance Drivers Atlanta.

Le Mans-winning Porsche 935 K3 'seized' by DEA agents

Porsche has won Le Mans more than any other marque, but only one of those overall race winners was actually based on a 911. That was the 1979 Porsche 935 K3, chassis number 009 00015 that was entered by brothers Don and Bill Whittington. It went on to win at the Nürburgring and Watkins Glen, and scored podium finishes at Sebring and Brands Hatch as well. In short, it's a historically significant and hugely valuable piece of motorsport history. And it was just seized by the DEA. Sorta.
After the Whittington brothers ran afoul of a handful of lawsuits and were implicated in smuggling narcotics, the car changed hands a few times before ending up in the noted collection of one Bruce Meyers. He had it at Laguna Seca earlier this month when a black Suburban, Dodge Charger and transporter truck pulled up with government plates, asked to speak with Meyer, presented him with a court order, loaded the car onto the truck and drove off.
Though familiar with the legal disputes surrounding the ownership of the car and the misdeeds of its famous original owners, Meyer was left understandably distraught over the events that had just unfolded in front of him to separate him from his pride and joy. (Or one of them, anyway; Bruce has got an eminently desirable collection of classic cars.) But here's the kicker: those DEA agents weren't actual DEA agents. Fortunately they weren't thieves, either. The actual story could have been the plot right out of Ocean's 14 if they ever made one and it focused on classic cars. (Is anyone in Hollywood listening?)