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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

Anti-union group files lawsuit against VW and UAW

The fight for unionization at Volkswagen's Chattanooga, TN, factory isn't letting up. Yesterday, the National Labor Relations Board decided to allow anti-United Auto Workers employees at the plant the right to defend voting down the measure. Now, a group called the National Right to Work Foundation has filed a federal lawsuit on behalf of five workers against VW and the UAW for allegedly working together to organize.
The group says in a release that it wants "to block further collusion between the company and the United Auto Workers." It alleges that VW forced workers to attend "mandatory pro-union meetings" and prevented managers from opposing. In a rebuttal on its website, the UAW called the claims "baseless" and said its actions were entirely legal.
One possible problem faces the carmaker in regards to the lawsuit. According to the Detroit Free Press, a recent US Court of Appeals ruling found that neutrality agreements like the one the business had with the UAW could be illegal if the company provided "things of value" to the union. The newspaper also claims that VW held a mandatory employee meeting concerning the election, but workers were free to leave during the UAW's presentation.

VW Golf GTD wagon makes us swoon ahead of Geneva reveal

The European market is just crammed with power wagons we can't get our hands on: big ones like the Audi RS6 Avant and Jaguar XFR-S Sportbrake, but also little ones like the new Mercedes CLA45 AMG Shooting Brake, Skoda Octavia RS and Seat Leon ST Cupra. Now there'll be one more, and as you might have guessed, it comes from the Volkswagen Group. At the upcoming Geneva Motor Show, VW will present the new Golf GTD Variant. And if you're wondering what it's all about, it's all right there in the name: those three letters tell us it's a performance diesel, and the Variant name tells us it's a wagon (which we'd more readily recognize as the SportWagen on this side of the Atlantic). So there you have it: a performance-oriented diesel wagon, but not one we're never likely to see on American roads. If you ever did see one up close, though, you'd find a 2.0-liter turbodiesel four under the hood with 181 horsepower and 280 pound-feet of torque – enough to send this nimble oil tanker to 62 in 7.9 seconds, all the while returning over 53 miles per gallon (on the lenient European cycle, anyway). Along with the engine, VW has thrown in other GTD performance-minded bits, including a sports suspension and progressive steering. Visual telltales include unique front and rear bumpers, grilles, 17-inch alloys, blacked-out roof rails, smoked taillight lenses and an interior with plaid sports seats, stainless steel pedals... the works. European buyers will be able to enjoy all this and more while hauling all their stuff down the Autobahn, passing gas station after gas station in oil-burning bliss. World premiere of the new Golf GTD Variant - The perfect all-round package: sporty, economical, comfortable and spacious - Launch set for Geneva Motor Show Since 1982 Volkswagen's GTD logo has stood for Gran Turismo Diesel, with its promise of sporty yet economical motoring. Now for the first time, the GTD initials grace the Golf Variant, which like the Golf GTD, boasts the 184 PS (135 kW) TDI engine. The new Golf GTD Variant is set for its world premiere at the Geneva Motor Show, and is available to order as of now at a price of 31,975 euros. The Golf GTD Variant* is excellently placed to establish itself as an iconic long-distance cruiser.