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Audi to unveil S1 hot hatch at Geneva Motor Show

Audi has been toying with the idea of a hot hatch based on the A1 premium city car for some time now. It rolled out the 500-horsepower A1 Clubsport Quattro concept at the Wörthersee gathering a couple of years ago, then put its form (with half the power) into limited production with the 252hp A1 Quattro (pictured above) shortly thereafter. What it hasn't done is offer a mainstream S1 that people can actually get their hands on, but that's all about to change.
Following spy shots of numerous prototypes, Auto Express claims to have it on good authority that the new S1 will be unveiled at the upcoming Geneva Motor Show in March. Though likely less aggressive in its visual impact, the S1 is expected to get almost as much power as the aforementioned A1 Quattro, with a 2.0-liter turbo 4-cylinder sourced from the larger S3 but detuned to 230 hp.
A six-speed dual-clutch transmission is expected to drive all four wheels - something for which the platform was not originally designed but was later adapted to accommodate - though the availability of a six-speed manual remains in question. Unfortunately the A1 was never destined for the North American market, so as much as we might want one (and as much as Ingolstadt may be motivated to take a bite out of the Mini market), we wouldn't expect to see it roaring into American showrooms.

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 Audi R8 officially on sale, starting at $114,900*

After skipping the 2013 model year, the Audi R8 is back for 2014 with a new look, added performance and a slightly higher starting price. In V8 coupe form, the 2014 R8 starts at $114,900 (*not including $1,250 for destination and a $3,000 gas-guzzler tax), but looking at that price, which has risen just $5,900 since the performance coupe first debuted in the US for 2008, inflation doesn't seem to have hit the R8 as hard as some other sports coupes - like, say, the Nissan GT-R.
Opting for the S tronic automatic gearbox will cost $9,100 for all models, while R8 V8 and R8 V10 models still offer the drop-top Spyder model for an extra $13,500. Not available in Spyder form, is the all-new 550-horsepower R8 V10 Plus, which starts at $170,545. Scroll down for the full pricing breakdown of the 2014 R8, which went on sale yesterday.