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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

Dan Neil pokes fun at the celeb cars of 2014

Look, we try really hard not to pay any attention to the Kardashians and their vapid reality TV empire. But, as troubling as that brood may be, occasionally we're impressed and/or horrified by their four-wheeled conveyances. In fact, that curiosity extends beyond talentless reality stars with rotund glutes to celebs in general. That's why we're enjoying Dan Neil's sometimes biting take on the celebrity cars of 2014. Besides paying tribute to Kim K, husband Kanye West and the adorable Lamborghini that their spawn rides about in, Neil also takes a look at LeBron James' turn as a Kia spokesman and boxer Floyd Mayweather's trio of Bugatti Veyrons. Matthew McConaughey is a focus of Neil's as well, thanks to his oft-panned advertisements for Lincoln (and the raucous parodies they inspired), before finishing on the high, with Jerry Seinfeld and his new Porsche 918 Spyder. Take a look at Neil's recap of the celebrity cars of 2014. News Source: The Wall Street Journal Celebrities Humor Bugatti Kia Lamborghini Lincoln Porsche Videos porsche 918 spyder celebrity dan neil

Valentino Balboni launches Lamborghini parts company

After 40 years of helping Lamborghini develop some of the greatest supercars on the road, former test driver Valentino Balboni is going back to work. Balboni recently unveiled his own company, aptly named VB, which will specialize in aftermarket components for Lamborghinis. VB's first matter of business is to give Lamborghini's most hardcore supercar a better sound. Set to launch at the Concorso Italiano during this year's Pebble Beach Concours d'Elegance week, VB's first aftermarket part is a titanium exhaust system for the Lamborghini Aventador LP-750 SV. The titanium exhaust system weighs in at 13.8 pounds and is a bolt-on part that uses OEM mounts. Each exhaust system takes over 350 hours to make and will be limited to a production run of 30 units. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Pricing for the exhaust system hasn't been announced, but drivers with the means to pay hundreds of thousands of dollars for an Aventador SV should be able to afford some aftermarket goodies. Balboni has an extensive history with Lamborghini. After starting as a mechanic's apprentice, Balboni went on to become a test driver at Ferruccio Lamborghini's request. Before retiring in 2009, Balboni was said to have driven roughly 80 percent of the automaker's entire production. Lamborghini even named a supercar after him, the 2010 Lamborghini Gallardo LP550-2 Valentino Balboni, as a way of saying thank you. It looks like Balboni isn't done with Lamborghini, yet, and VB's titanium exhaust system for the Aventador SV should be an aural delight. Related Video: Featured Gallery VB Lamborghini Aventador SV Exhaust System Related Gallery Lamborghini Aventador LP 750-4 Superveloce: Geneva 2015 View 21 Photos News Source: Facebook, Valentino BalboniImage Credit: Valentino Balboni Auto News Aftermarket Lamborghini Performance exhaust system valentino balboni lamborghini aventador sv lamborghini aventador lp 750-4 superveloce