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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

24 Hours of Le Mans an on-and-off love affair

There was little usual about this year's 24 Hours of Le Mans - intermittent rain in the weeks before the race meant cars didn't get on track as much as they wanted, and intermittent rain during the race meant cars went off track a lot more than they wanted. The race started with a wet track, and one of the records broken because of the random downpours was the number of times the safety car led the field - 11 times this year - although the record of two hours and 53 minutes of lapping behind the safety car, set in 2011, was not eclipsed.
None of that served to dampen the action. With little more than an hour left in the race there were cars still only a few seconds apart fighting for position, leads still changing because of pit stops and everyone drafting anyone they could.
Things didn't go the usual way up front, either - well, not exactly...

Startup will make your Audi A4 self-driving for $10k [w/video]

We are on the cusp of the next generation of semi-autonomous driving technology becoming affordable. Adaptive cruise control is already trickling down to the mass market, and the more sophisticated systems found on vehicles like the Mercedes-Benz S-Class are clearly coming, as well. If you're a little adventurous, live in California and drive an Audi, you might be able to upgrade to the next stage of driverless tech even sooner. A San Francisco start-up called Cruise Automation is launching an aftermarket autopilot system called the RP1 for $10,000, with deliveries starting in 2015.
The RP1 is designed for 2012 and newer Audi A4 and S4 models. Although, Cruise CEO Kyle Vogt told Autoblog in an email: "There's no reason we can't expand to other cars, and we will." The system includes a sensor pod on the roof containing cameras, radar and other sensors to scan the road ahead. It then sends data to a small computer mounted on the side of the trunk. The desired inputs are then made by actuators for the steering, brakes and throttle to control the car. A button in the cabin activates the autopilot and controls the desired speed. Not completely unlike Audi's own, developmental, semiautonomous system.
At this point, the RP1 is somewhere between an adaptive cruise control system and an autonomous vehicle. It can control all of the cars inputs and even bring it down to a complete stop and then accelerate again. However, it only works on select highways in California. "We use geofencing to limit the areas of operation to segments of highway in which we've collected enough data to ensure our customers' safety," said Vogt to Autoblog.