2013 Lamborghini Aventador Lp 700-4 Coupe W/ Factory Sport Package 3300 Miles on 2040-cars

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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

Lamborghini's next limited-edition experimental supercar coming soon

Lamborghini plans to release a very limited-edition supercar, which is at the time of writing still unnamed. As the company's R&D director Maurizio Reggiani said to CarAdvice in an interview, "Soon we will present to our most important customers a new version of what we call a one-off." By "one-off," Reggiani says the company means a short run of experimental cars created to showcase a new design direction and to introduce new technology, like the Lamborghini Centenario did. Call the resulting supercar a sellable concept car, if you will. In the Centenario, Lamborghini brought out rear-wheel steering. The new car would show the design direction of the Aventador's eventual replacement. What's more, Reggiani expects the upcoming car to be sold out by the time it is announced, just as the Reventon and its roadster version, the Veneno and the Sesto Elemento did. " We will announce it with our loyal customers that wait for this, we don't need to do more, we arrive at the motor show and the production is already sold out." CarAdvice deduces that the new car will be announced at the Geneva Motor Show next March, where Lamborghini will also show the new Urus – which will break cover in December. It will be a plug-in hybrid with a twin-turbo V8 engine. When Reggiani discussed the Urus with Autocar in December, he said that Lamborghini will keep turbocharging out of its supercars; the Urus needs the grunt that turbos provide, but the supercars will need the responsiveness of a naturally aspirated engine. Whether the "one-off" series car will still be naturally aspirated remains to be seen.Related Video:

'Rich Kid of Instagram' victim of supercar arsonists

A 19-year-old in the UK is smarting after the possibility that his prolific social media use may be at the heart of four family-owned supercars going up in flames in barely a week. Aleem Iqbal has thousands of followers on Twitter and Instagram paying attention to his frequent posts about the high-priced cars he's driving. He's even been featured on the Tumblr page Rich Kids of Instagram. It appears that some people might not be so smitten with him, though.
According to his Twitter profile, Iqbal owns Platinum Executive Travel, a luxury car rental company in the England, and UK newspaper The Telegraph claims the company is also owned by Iqbal's father. On June 6, cameras caught three hooded men setting fire to a Lamborghini Aventador Roadster leased by the company for a wedding. A few days later, two Audi R8 Spyders and a Bentley Continental Flying Spur from Platinum also got the torch, and two men were caught on camera setting the blaze. Nobody was hurt in either of the attacks, and the Aventador appeared to be repairable with the fire causing most damage to the passenger seat and dashboard. Police are still investigating both of the crimes.
According to The Telegraph, Iqbal believes that the arsons could have stemmed from jealousy towards him and his family's business. Regardless, setting fire to a bunch of cars that are likely insured isn't a great way to show displeasure.