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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

Audi plans RS3 for US

Rejoice, performance-car fans. The Audi RS3 (pictured above) is probably coming across the Atlantic. If that happens, the US-market RS3 will likely be a sedan, not the five-door body style offered in Europe. Hot hatch fans might shed a tear at this news, but we'll the RS3 any way we can get it. Audi of America CEO Scott Keogh feels the same way. "We really, really want the RS3," he said to Automotive News. "I'm very confident we'll see that car in the market. That's as far as I'm going to go. In Europe, the RS3 Sportback packs a 2.5-liter turbocharged five-cylinder with 362 horsepower and 343 pound-feet of torque mated to a seven-speed dual-clutch gearbox. That grunt get to the ground via a torque-vectoring all-wheel drive system that can route up to 100 percent of the power to the rear wheels when necessary. The sprint to 62 miles per hour goes by in just 4.3 seconds. Of course, a tiny, hardcore sedan isn't on every buyer's shopping list. For those who want a little more room with their luxury, the Q8 is also on the way. "That is absolutely a car that we will see in the United States," Keogh said to Automotive News. The big crossover shares its platform with the next Q7, but will have sleeker bodywork similar to vehicles like the BMW X6 and Mercedes-Benz GLE Coupe. The Q8 is slated to launch in 2017 with US sales following the European debut. Recent rumors suggest that a fully electric E-Tron version could be part of the lineup as well. Audi's American arm isn't as crossover crazy as some other automakers, however. According to Keogh, the tiny Q1 CUV might not come to the US because it's not the right fit for the market. Related Video:

Consumer Reports selling its road-tested roadsters [w/video]

Here's a chance to acquire a celebrity-owned vehicles, and this time at a discount instead of a premium. So the celebrity in this case is Consumer Reports, that magazine that could be equally adored and abhored by car enthusiasts. CR buys all of its test vehicles and usually finds willing second owners within its own ranks, but its opening its small used-car lot to the public. On the forecourt are four roadsters: an automatic 2012 Audi TT 2.0 TFSI Quattro S-Tronic with 6,600 miles for $36,500, a manual 2012 BMW Z4 sDrive28i with 8,400 miles for $45,000, a manual 2012 Mercedes-Benz SLK250 for $39,500 and a manual 2013 Porsche Boxster with 7,000 miles for $48,000.
Those numbers mean a savings of $9,000 to $10,000 before haggling - each car is listed with an "Asking price" so there could be some wiggle room if you show up with pockets full of dough and eyes full of serious intent. Since the money CR earns from the sales go back into the magazine's budget to buy more test cars, however, it probably won't take any oddball trades, so you can forget about getting any purchasing help from that track-day AMC Javelin project on blocks in the back yard.
The vehicles have been taken care of and spiffed up for sale; buyers will take delivery at the CR test track in East Haddam, Connecticut and get a tour of the facilities. While you're there they'll even take you on a lap around the track so you can feel how your car handles when driven by one of its testers. They will probably not help you with advice on which toaster and dehumidifier to buy - you'll still need to get a subscription for that. Have a look at the video below to see a day in the life of a CR test car.