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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

2014 Volkswagen GTI to start a new hot hatch era in Geneva

The upcoming Geneva Motor Show is going to be stocked with important new production models and sexy concept cars, but hot hatch enthusiasts will undoubtedly see it as the coming out party of the MkVII Volkswagen GTI. And while we've only got European specifications and pricing to go on for now, we can tell from the get-go that the new GTI will be a proper heir to VW's hot hatch legacy.
This seventh-generation GTI is powered by a turbocharged, direct-injection 2.0-liter four-cylinder engine, which makes 220 horsepower and 258 pound-feet of torque in base form. For the first time ever, Volkswagen is also offering a performance pack for the GTI as well, which ups the horsepower to 230 (torque remains unchanged). With a slightly lower curb weight to push around - the new base car weighs 2,978 pounds versus 3,034 for the current three-door GTI - 0-62 miles per hour is now achieved in 6.5 seconds, and top speed is 153 mph. (Cars with the performance pack offer 0-62 mph in 6.4 seconds, and a 155-mph top speed.) Buyers my choose between a six-speed manual transmission or an optional six-speed DSG unit.
Visually, the new GTI has obviously adopted the slant-nosed looks of the MkVII Golf, though with plenty of added drama. The exterior is dominated by the 17-inch "Brooklyn" wheels wearing 225-section rubber, and the aggressive front fascia gets black honeycombed inserts in the upper and lower grille sections. At launch, Volkswagen will offer the GTI in three colors: the Pure White seen here, Tornado Red and Black. Tartan patterned seats are of course still an option for the interior, while the GTI-specific steering wheel and shift knob are standard.

Volkswagen's De Silva says next Scirocco will be 'completely different'

From our perspective, the reborn Volkswagen Scirocco is a handsome (if squat) little thing. Yet design-wise, it's always struck us as uncomfortably close to the Golf three-door hatchback with which it shares its basic underpinnings. That aesthetic kinship may be part of the reason why Volkswagen has steadfastly refused to import the Scirocco to North America, seeing as how the Golf doesn't regularly set the company's sales charts alight, and it's less expensive.
But that visual similarity might be about to change, says Walter De Silva, who recently told Australia's Car Advice that, "It must be completely different... we don't want to repeat the bodystyle of the Scirocco, we want to change that." Further, the Volkswagen Group's design boss says that the next-generation car isn't terribly far along in development yet - "at the moment, it's only a studio [project]... it's not defined." It's probably just as well, as the new seventh-generation Golf arguably borrows some of its design from the current Scirocco anyway.
So we should expect a much bolder, more differentiated design, right? Well, yes, no and maybe. Back in September, De Silva himself was quoted as saying that the era of flamboyant styling has passed, and that future VW designs will be simpler to better reflect the times and preserve resale value. So... how different could it be?