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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

Latest ultra-light Lamborghini only costs around $32,000

Lamborghini, not finished celebrating its 50th anniversary with special models like the Veneno, has subtracted two wheels for the next stage of the party. The BMC Lamborghini 50th Anniversary Edition Impec is the second go-round of the collaboration between Swiss bicycle maker BMC and the Italian carmaker, both based on linking the carbon-fiber framed Impec to the carbon-fiber bodied Aventador.
Last year's run-of-30 Impecs has become this year's run of 50, each one built to order, and each costing 25,000 euros (about $32,000 US). BMC's special framebuilding technique is graced by a paint job unique to the model, Italian components and the same leather used in that taurean coupe. As with the car, you can order it at your local Lamborghini dealer and take delivery there.
If you're keen, the press release below can tell you what it will take to throw a leg over.

Do you want a cheap amphibious Lamborghini Countach?

James Bond famously dove under the waves in a Lotus Esprit submarine in The Spy Who Loved Me. Elon Musk now has the car in his collection, but you can have the next best thing by buying this amphibious Lamborghini Countach. It needs a lot of work to be seaworthy or even roadworthy again, but the floating Italian supercar is currently on eBay Motors in the UK for the equivalent of $26,790. While the vehicle looks like a Countach, don't expect to listen to a sonorous Italian V12 on the open seas because power now comes from a Rover V8. In the water, a twin-prop drive runs from a power takeoff on the engine, and twin rudders allow for navigation. Hydraulics lift wheels when it's time to get wet. For wannabe Bonds, there's even a button inside to activate a smoke screen. Some digging online shows that Mike Ryan of SeaRoader originally built the water-going Countach. Both the eBay ad and Ryan's page assert the supercar briefly went to Hollywood for various roles, but the Internet Movie Car Database only shows the Lambo appearing briefly in Top Gear's Season 8 amphibious cars episode. Ryan also helped the guys build their own floating vehicles. Get ready for some hard work before setting sail. According to the listing, the carpets and seats are gone. The engine still turns, but the fuel pipe that goes to the tank needs replaced. It also requires new tires and brake work. If you're up to the challenge, this could be an amazing project. Related Video: News Source: eBay Motors, SeaRoader, Internet Movie Car Database via The DriveImage Credit: Top Gear via YouTube Aftermarket Design/Style Weird Car News Lamborghini Auctions Coupe Special and Limited Editions Performance Supercars Lamborghini Countach amphibious car