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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

Build your dream garage with this insane prize from Omaze

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. Normally when we write about Omaze sweepstakes, they involve a car that you'd never go out and buy on your own. A six-figure camper van build, a $300,000 Ford Bronco restoration, a Land Rover Defender that's so beautiful it should be in a museum. Today's prize might beat out all of those, because not only could you win a dream car, you'll be entered for a chance to win $100k cash to go along with it.  There are a lot of cars you can buy with $100k. You could buy a Land Cruiser Heritage Edition or a Mustang GT500 or 6 Chevy Sparks and start your own racing series. Personally, if I won that kind of dough, assuming I also won this Bentley Bentayga, my favorite of Omaze's current offerings, I'd probably use some of it to buy something quirky, like a Honda Element converted into a pop-top camper, or a restored/upgraded 60 series Land Cruiser. Think that's a terrible way to spend the cash? That's the beauty of it. It is completely up to you. No one can tell you what to do with it. Except maybe your spouse.  Here are our favorite vehicle giveaways we’ve found online this week: 2021 Ford Mustang Mach-E GT Performance Edition - Enter at Omaze Regardless of what you think about Ford using the name Mustang for an electric crossover, one thing is for certain, the Mustang Mach-E GT is an impressive piece of machinery. Here are some numbers for you: 480 horsepower, 634 lb-ft of torque, 0-60 in 3.5 seconds and 260 miles of range. Price? Well, thatÂ’s really up to you, because if you enter to win this Mach-E GT. it can be as low as $0. Here are the specs of the Mach-E in question, according to Omaze: Maximum Seating: 5 Engine: fully electric motors Drivetrain: eAWD Exterior Color: Rapid Red Metallic   Interior Color: Black Maximum Horsepower: 480 hp  Maximum Torque: 634 lb-ft Acceleration: 0-60 in 3.5 seconds Range: 235 miles Approximate Retail Value: $75,500 Cash Alt: $56,625 Special Features: GT Performance Edition; panoramic fixed-glass roof; Ford Co-Pilot360™ Active 2.0 and 360-degree camera; Brembo brakes; RTR Design Package including 20” RTR Aero 5 wheels, Nitto NT555 G2 tires and RTR Speed Block graphics Win a Restored 1969 Pontiac GTO - Enter at Omaze Joel Stocksdale, News Editor: There are an awful lot of ways to build a restomod.

The List: Best of Scenic Drives

The List hosts Jessi Combs and Patrick McIntyre have gone on some incredible scenic drives throughout the series, including a drive through the Italian Alps, a cruise on the Pacific Coast Highway, and winding their way across the Tail of the Dragon. Here's a look back at some of our favorite moments of scenic driving. If you like what you see, stay tuned to watch the full episodes, or click here to go directly to our episode archive and pick out some of your own favorite moments of The List to revisit. The List #0100: Drive the Italian Alps The List #0567: Drive The PCH The List #0011: Drive the Tail of the Dragon Have an RSS feed? Click here to add The List. Click here to subscribe to The List in iTunes. Click here to learn more about our hosts, Jessi and Patrick. Bentley Maserati Porsche Driving Convertible The List Videos Original Video