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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 brings exotic Super Trofeo series... to Kansas

When you think of places associated with Lamborghini, what comes to mind? Sant'Agata, obviously. Monaco? Los Angeles? Hong Kong? How about Kansas? While the king of flyover states might not be the first place you'd imagine a squadron of race-tuned Lamborghinis running, the state is home to Kansas Speedway, a tri-oval that, like Daytona, has an internal road course, allowing drivers to run on the banking and on the infield.
Lamborghini brought its Super Trofeo North America series to the track to give the locals a taste of what high-performance Italian racers are capable of, and to be entirely honest, the racing looked pretty entertaining. The one-make racing series focuses on gentleman drivers in identical cars, and is running its first season on the North American continent, after starting in Europe and expanding to Asia. It's mainly a support race for Grand-Am, the American Le Mans Series and Indy Car races. Take a look below for the footage from the Kansas event.

Take a ride in a Lamborghini Countach with Evo

Sure, the 1970s and '80s were full of crap cars like the Chevrolet Chevette or the Ford Granada. Dark times, but not completely. Take the mind-blowing Lamborghini Countach. Its sharp and angular styling was shocking at the time. It was and still is the archetypal bedroom wall supercar. But it's far from perfect. As Evo explains in its latest Icons drive, the clutch is heavy, the seating position is wonky, and the visibility is notoriously awful. It was the first Lamborghini in which it was a good idea to hang halfway out of the car while backing up, because the rear window was useless. As far as rare Lambos go, though, this 1981 LP400S is pretty impressive. It's being auctioned by RM Sotheby's as part of its Paris auction in early February. You can check out both the bad stuff and the much more substantial good stuff in Evo's latest, embedded above. News Source: Evo via YouTube Lamborghini Auctions Coupe Classics Videos RM Sotheby's evo Lamborghini Countach