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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

VW CEO talks up 20 new plug-in models in Frankfurt

For years now, Volkswagen has dreamed big, forming plans to become the world's largest automaker. That trajectory includes a big plug-in vehicle push, and the CEO of Volkswagen, Martin Winterkorn, said that his group of companies will bring out 20 more EVs and plug-in hybrids by 2020. The list includes the next Phaeton and the Audi A8. "No commitment to electro-mobility can be any clearer than that," Winterkorn said, according to a VW press release. "Our Group already has the largest connected vehicle fleet on the road. By 2020 we will have transformed all of our new cars into smartphones on wheels." Perhaps most illustrative, Winterkorn admitted that the auto industry has turned a corner. "Technological leadership is no longer solely defined in terms of horsepower and torque," he said. "We are taking the precision, enduring value and quality of our cars into the new, digital world." The VW group is also showing off new plug-in concepts in Frankfurt this week, like the Tiguan GTE and the Porsche Mission E. Winterkorn's prepared remarks do not give out the details of these vehicles, but we'll have all the info from the show floor in short order. Stay tuned. PROF. DR. MARTIN WINTERKORN: "THE REINVENTION OF VOLKSWAGEN" 14/09/15 from Volkswagen Group 20 more electric cars and plug-in hybrids by 2020 announced Group not only has broadest electric fleet, but also largest connected vehicle fleet on the road Customers should benefit from automated driving technologies as quickly as possible Volkswagen taking precision, enduring value and quality of its cars into the digital world Wolfsburg/Frankfurt am Main, September 14, 2015 – In the Volkswagen Group, there is a sense that a new era is dawning. On the eve of the 66th International Motor Show (IAA) in Frankfurt am Main the CEO of Volkswagen Aktiengesellschaft, Prof. Dr. Martin Winterkorn, said on Monday evening: "We are in the process of reinventing Europe's largest automaker, laying the technological, economic and structural foundations." The Group Chairman announced there would be 20 more electric cars and plug-in hybrids by 2020 – from compact cars to the next Phaeton and Audi A8: "No commitment to electro-mobility can be any clearer than that." He said the Group already had the broadest electric fleet in the automobile world, and added that Volkswagen was also at the forefront when it came to the future-oriented field of digitisation: "Our Group already has the largest connected vehicle fleet on the road.

Audi testing long-tail version of R18 e-tron quattro for Le Mans

Race teams are always looking for ways to shave hundredths of seconds of their lap times. Case in point: Audi is making some slight changes to its prototype racecar to make it ever so much more slippery as it cuts through the air.
Debuting at the second round of the FIA World Endurance Championship at Spa on May 4, Audi will be testing a long-tail version of its R18 E-tron Quattro racecar. As its name suggests, the long-tail car gets a lengthened rear section with the goal of improving aerodynamics. The long-tail will be run alongside the standard version of the racecar as a testbed for possible changes that might be in store, heading into the 24 Hours of Le Mans.
Audi did not say how many inches were added to the racecar, but as you can see in the image above, "long-tail" definitely doesn't take on the same meaning of classic long-tail cars of the past such as the Porsche 917. More information about the car, Audi's team and even some info about the track itself can be found below.