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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

Jon Olsson drives his Lambo up a glacier because why not?

The latest stunt by Jon Olsson has no particular purpose, but we love it just the same. Olsson, a former ski racer, always has a neat car with an equipment carrier stuck on top, and in this video he puts his customized rear-drive Lamborghini Murcielago LP 640 to work at Fonna Glacier Ski Resort in Norway. Makse sense to us. As he says in the short video, the aim is to have fun. He drives the Lambo up the Norwegian glacier aided by monster rear tires with some frightening studs, and then he makes things a little more interesting by creating a giant giant slalom course for the car. Olsson even clips the gates with the mirrors and front tires as he makes the turns, like you would on skis (except replace mirrors with pole guards and tires with skis). Snow is sprayed, there's lots of V12 revving, and it's all beautifully shot. It looks like he accomplished his modest goal. A little more about the car: On his website, Olsson says it took three years to build. One year was wasted by the first guy that offered to build it for free and ended up selling parts off of it to make rent. It then took two years to make things right again and add a carbon-fiber body kit, an IPE exhaust, a suede interior, a carbon steering wheel from a Gallardo, bigger brakes, and convert it to rear-wheel drive. His signature ski box sits on top, supported by a custom rack, and of course the whole car is plastered with logos from Olsson's sponsors, because those winterized supercars cost money, you know? Oh, and Olsson has owned a lot of cars. Mostly Audis and Lamborghinis lately, but his past includes a couple of track-prepped 3 Series and a Mazda B2000. Our kind of dude. Related Video:

Lamborghini spotted filming new Aventador SV completely undisguised

There is a great tradition at Lamborghini in turning its mid-engined V12 supercars into Super Veloce ("High Speed") versions. So after the Aventador hit the scene, we knew it would only be a matter of time before it was to receive the SV treatment. And here it is, spied completely undisguised during a video shoot. Now, we first spotted what we thought was the Aventador SV way back in April, 2013 – the same day, incidentally, that the LP720-4 50° Anniversario edition surfaced. That was a long time ago, however, and what we see here looks like a different beast entirely. It's got a completely reshaped front bumper, bigger air intakes, deeper side sills and a fresh set of steamroller alloys. Out back, there's a massive rear wing and below it, a new rear end with a bigger diffuser and – instead of one central exhaust – four individual pipes to let the big twelve-cylinder engine breath. Speaking of which, you can expect the Aventador SV to come with a big power bump. Just how big, we don't know for sure, but we can extrapolate. When the Miura SV hit the scene in the early 1970s, it only packed 15 more horsepower than the existing model. Though the Countach bred a series of variants over its long lifetime, it never got an SV edition. The Diablo SV arrived five years after its donor with an 18-horse bump, later raised by another 19 hp. But after the Murcielago arrived in 2001 with 572 hp and bumped up to 631 hp in 2006, the SV model came in 2009 with 661 hp. Given that the "standard" Aventador has been out since 2011, we're about on schedule for the Super Veloce, and if precedent proves anything, we could be looking at upwards of 750 horses to come riding around the mountain when they come to the Geneva Motor Show in March. Featured Gallery Lamborghini Aventador SV: Spy Shots View 11 Photos Image Credit: Borja Perez/CarPix Spy Photos Lamborghini Coupe Supercars lamborghini aventador sv