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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

2016 Audi R8 looks like a promising second chapter [w/video]

Audi shook up the supercar market when it released the original R8 road car. Now, it's hoping to do the same with the second-generation of the handsome mid-engine star. But where the original R8 was something of an analog supercar, boasting a naturally aspirated V8 and a delightful gated shifter, this new model is something much different. Gone is the popular, high-revving 4.2-liter V8 and the snickety-snack transmission, although the 5.2-liter V10 that joined the original R8 later in its life remains. In base form, it turns out 540 horsepower in the second-gen R8, while the V10 Plus model can be had with an impressive 610 ponies. That's good for a sprint to 60 of just 3.5 seconds and a top speed of 201 miles per hour in the former and 3.2 seconds and 205-mph in the latter. A seven-speed dual-clutch transmission is the sole gearbox, sending power to a revised Quattro all-wheel-drive system that's capable of shunting 100 percent of the engine's torque to the rear axle. Meanwhile, Audi has managed to shave 441 pounds by using a new Audi space frame, with more aluminum and carbon fiber than before. Weighing in at just 3,205 pounds, the R8 is slightly lighter than the new, V8-powered Ferrari 488 GTB, although it's not quite as light as its cousin, the 3,135-lb Lamborghini Huracan. And of course, we can't forget to mention the R8's new look. It's very clearly an evolution of the first-gen's handsome styling. A strong grille and canted headlights, inspired by the TT and the concepts that came before it, highlight the front end, while Audi has opted to bisect the last-gen car's side blades with a body-color section of sheet metal. In back, slim taillights, exhausts that have been integrated into the rear bumper and a central diffuser are the main styling features. Opt for the V10 Plus, and you'll get a sizable rear wing, for added downforce. Take a look at our full gallery of live images from Geneva for a closer look at the new Audi R8.

Witness the Prologue to Audi's design future [w/videos]

Audi went Hollywood for its debut of the forward-looking Prologue concept car last night, pulling the silks back at a sprawling LA manse in the hills. The cost-no-object unveiling of the car, as well as its prominent positioning at this year's LA Auto Show, speaks to the importance with which the company views the styling you see here.
Prof. Dr. Ulrich Hackenberg, maharishi of development for the three-rings brand, made two important announcements at the presentation: reiterating publicly his endorsement of new styling chief Marc Lichte, and telling us that Prologue design will be found on upcoming production versions of the A6, A7 and A8.
Take a close look at that imposing face on the Prologue - an amped up revision of the single-frame shield grille that has appeared on new models like the TT already - and get used to it. Lichte called out the grille as the new face of the brand, so we fully expect its deployment across the range as the 2016 models roll out.