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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

Bosch fuel pumps spark recall of 2015 Golf, GTI and Audi A3

A few weeks ago, BMW and Nissan both issued recalls for some of their vehicles to replace Bosch-supplied fuel pumps. The pumps had nickel plating that could flake off and cause a failure. Volkswagen Group is the latest automaker to be affected by the problem and has a campaign for the 2015 Audi A3, VW Golf and GTI. In total, 6,204 units of these models are in need of repair. The problem with the VW Group vehicles is identical to the previous recalls. It's possible for the pump's nickel plating to come off and cause increased friction. Eventually, this can result in the component's failure. According to documents from the National Highway Traffic Safety Administration (as a PDF, here), there are no reports of accidents or injuries from this issue in the VW Group models. Bosch spokesperson Linda Beckmeyer tells Autoblog that these vehicles don't all necessary share an identical fuel pump, but the parts all use the same plating process. The problem also prompted repairs of the 2014 Ford Escape several months ago, she indicated. When asked if the issue could prompt more campaigns, Beckmeyer said that she "can't speak to that" because automakers decide on the recalls. Owners should receive notice of the problem soon, but according to the NHTSA documentation, there currently aren't enough pumps to fix all of these vehicles. "Bosch is working closely with automakers regarding replacement parts," Beckmeyer said. When available, dealers will replace the components free of charge for affected customers. Related Video: RECALL Subject : Improper Plating may cause Fuel Pump to Fail Report Receipt Date: APR 17, 2015 NHTSA Campaign Number: 15V229000 Component(s): FUEL SYSTEM, GASOLINE Potential Number of Units Affected: 6,204 All Products Associated with this Recall Vehicle Make Model Model Year(s) AUDI A3 2015 VOLKSWAGEN GOLF 2015 VOLKSWAGEN GTI 2015 Details Manufacturer: Volkswagen Group of America, Inc. SUMMARY: Volkswagen Group of America, Inc. (Volkswagen) is recalling certain model year 2015 Volkswagen Golf, GTI, and Audi A3 vehicles. Improper nickel plating of components within the fuel pump may result in the fuel pump failing. CONSEQUENCE: If the fuel pump fails, the vehicle will not start, or if the engine is running, it will stop and the vehicle will stall, increasing the risk of a crash. REMEDY: Volkswagen will notify owners, and dealers will inspect the vehicles and replace any affected fuel pumps, free of charge.

First official Audi R8 photo leaks

The next-gen Audi R8 makes its grand debut in a just a few days at the 2015 Geneva Motor Show. However, leaks aren't uncommon for such a highly anticipated model, and it appears that the first official shot of the future supercar is now online. Autoblog en Espanol claims this is the first leaked factory photo showing the new Audi R8 completely undisguised. The single image depicts the supercar from the front, and it looks a lot like both Audi's own official teaser and the previous blurry image from Instagram. Based on this picture, the German designers thickened the outline around the grille at the front and added vertical slats at each corner. They also removed the gentle curve in the headlights in favor of a completely angular look. While the side blades were one of the major styling features of the original, their appearance has been toned down by removing the vertical, contrasting strip running up the body. Though the exterior design seems to evolve the R8 slightly, there are some big changes for the powertrain. Audi is ditching the V8 for the latest model and opting for two tunes of the 5.2-liter V10. The standard version gets 540 horsepower, and the Plus pushes output up to 610 hp. The top trim can reportedly hit 60 miles per hour in 3.2 seconds and reach a top speed of 205 mph. Although, there are already the rumors of other variants, including a turbo V6, coming later. Related Video: