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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

Is Audi readying hardcore final edition R8?

The days may be numbered on the current Audi R8, but if our latest round of spy photos is any indication, Audi's first supercar is going to go out with a bang. This camo'd tester was spotted parked somewhere in Europe, and if doesn't at least belie a faster R8, it certainly indicates that a more aerodynamically intense model is coming.
The tall rear wing is the most obvious aerodynamic change. It's joined out back by a none-too-subtle diffuser and the cannon-like exhausts of the R8 V10 Plus, while the front and side of this particular R8 are home to new side sills and winglets on the lower front fascia.
We'll be keeping our ears to the ground for any more on what looks to be another variation of first-generation Audi supercar. Until then, let us know what you think this car may foreshadow. A new halo model? A gentleman racer? Have your say below.

Audi UrQuattro gets the Petrolicious narrative

Audi started a revolution in the world of rallying when it paired an all-wheel-drive system with a turbocharged, five-cylinder engine and a rakish, three-door body. That car, the Quattro, didn't just upset the entire balance of the World Rally Championship, it (eventually) led to a transformative effect on the consumer car market.
But we're not just interested in this car simply because history has proven the UrQuattro to be important - we love its sharply creased looks, its offbeat soundtrack and its gravel-spitting abilities. Evidently, so does the crew from Petrolicious, as they've lavished their lenses upon the car. This particular model hails from 1983, and has covered a healthy 175,000 miles, says owner Manuel Leon Minassian. His first experience with the Ur (meaning "original") came in Beirut, where the car received plenty of praise from students at his school.
That first encounter led to a long passion for the Quattro, culminating in his purchase of this car four years ago. Take a look at Minassian and his Audi in the latest video from Petrolicious.