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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

Win an electric car and celebrate Earth Day

Autoblog may receive a share from purchases made via links on this page. Pricing and availability is subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze. Enter to win this giveaway or any other Omaze experience now through April 23, 2021 and receive 500 extra entries into any campaign plus a chance to win $10K with code GOGREEN500. Simply add the discount at checkout. Whether you like it or not, there will come a day when most, if not all of us, will be driving electric cars. For some of us that day can't come soon enough, and in honor of Earth Day we've put together a list of our favorite car giveaways so you can save some green while being green.  Win a 2021 Porsche Taycan Turbo S and $20,000 - Enter Here If there’s one thing Porsche is good at, itÂ’s making fast, beautiful cars, and the Taycan Turbo S is no exception. Making 750 horsepower, 774 lb-ft of torque and a top speed of 161 miles per hour, punching the accelerator will surely throw you back in your seat. In fact, its 0-60 time of 2.6 seconds matches that of the quickest Porsche 911 ever made, the Turbo S. The difference between this Taycan Turbo S and that 911 Turbo S, of course, is that the only reason youÂ’ll ever need to stop off at a gas station is to fill up on snacks. That and the fact the Taycan doesn't actually have a turbo anywhere in the car. We wouldnÂ’t be reaching for a bag of FlaminÂ’ Hot Cheetos, though, because this incredibly comfortable leather interior is immaculate, and weÂ’d hope to keep it that way. Enter here for a chance to win this prize worth $220,000. Win a Himalaya Land Rover Defender 110 EV and $20,000 - Enter Here The Land Rover Defender is an icon: an intense, luxurious off-roader that turns heads and can crawl up nearly anything. The problem? For the past 20+ years it hasn't been available in the United States and it's never been what youÂ’d call environmentally friendly. But this Defender is different. ItÂ’s vintage, restored by Himalaya and itÂ’s all-electric. At 275 horsepower, you wonÂ’t be thrown back in your seat, but the 406 lb-ft of torque helps make this an incredibly capable rock crawler.

Recharge Wrap-up: Chevy Spark EV in Canada, Audi to use Valeo electric supercharger

The Chevrolet Spark EV will become available to retail customers in Canada. "We're expanding our electric vehicle offerings to our customers by offering the 2016 Spark EV for retail sales in the growing EV markets here in Quebec as well as in Ontario and BC," says Chevrolet's Chris Hay. Chevrolet has not yet released pricing for the Spark EV in Canada. In the US, the Spark EV is available in California, Oregon and Maryland. Read more at Hybrid Cars. Four recreational vehicle companies in Texas have settled with the EPA over illegal import and sale of off-road vehicles. The 4,000-plus Hammerhead brand vehicles in question were imported without the proper certification, a violation of the Clean Air Act. Some vehicles lacked proper emission control equipment or were manufactured by a company not listed on the certificate application. The settlement totals $560,000 in civil penalties for the companies involved. Read more from the EPA. The Iowa Supreme Court has upheld the state's natural gas tax, which was challenged by the ethanol industry. Ethanol producers, which use natural gas to make ethanol, argued the complicated tax was unconstitutional, as it forced certain plants to pay more than their competitors. Taxes vary by location, and some plants have to tap into interstate pipelines at much higher tax rates rather than get it from a local utility. Now, ethanol producers will work to change the law. "My hope is that people understand that, something may be constitutional but that doesn't make it good public policy," says Iowa Renewable Fuels Association Executive Director Monte Shaw. Read more at Manufacturing.Net. Audi will use Valeo's electric superchargers to improve fuel economy and acceleration. Valeo says Audi will launch a vehicle using its electric supercharger next year, with other reports suggesting that car will be the Audi Q7. The company says other unspecified automakers will also use the technology in their vehicles. While the electric supercharger adds to the vehicle's cost and electric energy use, it can improve fuel economy by as much as 20 percent. Read more at Automotive News Europe. Featured Gallery Chevrolet Spark EV View 13 Photos Related Gallery 2016 Audi Q7: Detroit 2015 View 15 Photos News Source: Hybrid Cars, EPA, Manufacturing.Net, Automotive News EuropeImage Credit: Chevrolet Government/Legal Green Audi Chevrolet Alternative Fuels Emissions Ethanol Fuel Efficiency Electric Off-Road Vehicles recharge wrapup