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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

Auto Express gets close-up look at the 2016 Audi R8

Audi invited Auto Express to the Ascari circuit in Spain to get a ride in the new R8 that will be introduced at the Geneva Motor Show. Jack Rix starts by giving us a walkaround of the camouflage-covered coupe, the obvious difference between it and the leaked image from a couple of weeks ago being the slatted front intakes. However, those intakes are present on the image Audi teased showing off one new, slimmer, laser headlight. The biggest shock: there will be no V8 model at launch - there will be one engine in two levels of tune. The first is the 5.2-liter R8 V10 with 540 horsepower, a bump of 15 hp over the present car. The second is the 5.2-liter R8 V10 Plus with 610 hp, a leap of 60 hp over the current model. That hotter trim, identified by its fixed rear wing, drops the 0-60 mile per hour time by a half-second to 3.2 seconds, and increases top speed seven miles per hour to 205 mph. Rix ran his fingers along the intakes behind the door and said he could feel sideblades, so all is not lost - what would an R8 be without sideblades? More obviously, on the V10 Plus Rix looked over there are new trapezoidal exhaust tips framing a serious diffuser in back. Underneath, the aluminum chassis adapted from the Lamborghini Huracan is 15 percent lighter than before and 40 percent stiffer. Shifting will be done via a seven-speed S-tronic dual-clutch transmission only. There are seven driving modes, a switchable exhaust note, and more direct variable steering. The German test driver Rix rode with said the new R8 is easier to drive faster, which - no matter what you think of the looks - will make it pretty special. News Source: Auto Express via YouTubeTip: Clark Geneva Motor Show Audi Coupe Luxury Performance Videos

Audi RS4 Avant Nogaro Selection puts a fresh face on old memories

I've been fortunate enough to drive plenty of memorable cars over the years, and one of my all-time favorites is the Audi RS4 sedan. It was only sold in the United States for a short time, but during that quick run, it made a huge impression on me. I remember everything about that car - the smell, the sound, the exact feeling of the manual shifter as it clicked between the six gears, and the texture of the steering wheel that I so happily tossed about. In fact, whenever I'm feeling nostalgic, I go back and watch this video of the late David E. Davis, Jr., running the California Mille roads in a Sprint Blue RS4 - a video we shot for Winding Road many years ago during my tenure as an editor there.
So even though the Audi RS4 Avant Nogaro that debuts here in Geneva isn't super important, especially for our American-centric audience, I feel compelled to write about it. No, we don't get the lovely RS4 in the States anymore, but the package offered in Europe is just as sweet as ever - perhaps even more so, what with that stylish longroof shape. Under the hood is Audi's excellent, naturally aspirated 4.2-liter V8 engine, tuned to deliver 450 horsepower and 317 pound-feet of torque, allowing for a 0-62 sprint of 4.7 seconds.
The Nogaro name refers to the special blue paint - a throwback to the original Audi RS2 Avant that kicked off the company's super sweet luxury offerings. Other unique features for the Nogaro car include gloss black exhaust outlets, window frames and grille surround, as well as matte black roof rails. Special 20-inch wheels round off the exterior enhancements, and inside, Nogaro Blue Alcantara accents can be had on the door panels and seat inners.