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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 Centenario blows our minds with 760 horsepower

Every time we think Lamborghini couldn't go more extreme, it goes and outdoes itself again. Take this latest supercar for example. Called the Centenario, it celebrates what would have been Ferruccio Lamborghini's hundredth birthday (were he still alive today). It's essentially an Aventador underneath, but with more visually arresting bodywork and even more impressive specs. Like the Aventador, the Centenario is built around a carbon monocoque with a V12 engine bolted to the back. Only instead of the Aventador's 700 metric horsepower or the Aventador SV's 750, the Centenario packs 770 – equivalent to 760 hp by US standards. That's enough to propel it to 62 miles per hour in 2.8 seconds and on to a top speed in excess of 217 mph. To keep all that power and pace in check, Lamborghini fitted the Centenario with carbon-ceramic brakes and magnetorheological dampers. It also packs a four-wheel steering system like the one you'd find on the Porsche 911 GT3 or Ferrari F12 TdF to help keep it stable at speed and nimble under cornering. The unique Independent Shifting Rod transmission carries over from the Aventador, but as you can see, the Centenario strikes an even more aggressive profile than its (relatively) more commonplace stablemate. View 19 Photos The bodywork is all fresh, with more vents and ducts than an air conditioner factory and – dare we say – more visual aggression than anything Sant'Agata has made to date... save for maybe the Veneno. Just check out those enormous intakes aft of the doors, for crying out loud. Also, check out the DTM-size rear diffuser, or the old-school air extractors in the bonnet that somehow still leave room for a pair of helmets in the luggage compartment. The whole thing is longer than the Aventador, and sits lower to the ground. Think of its relationship to the Aventador as the Reventon was to the Murcielago and you'll be on the right track. This particular example is rendered in exposed carbon fiber, but each will be made to the customer's specifications. Now before you go picturing yourself as one of those customers, we should point out that Lamborghini will only make 40 examples – 20 coupes and 20 more roadsters – and all of them have already been sold at a price of 1.75 million euros (before taxes), which works out to about $1.9 million at current exchange rates.

Details emerge on production-bound Lamborghini Sesto Elemento

The last we heard about the Lamborghini Sesto Elemento, Lamborghini had confirmed its production with only 20 examples of the track-only car planned, but now we're finally starting to get some of the details about this knife-edged car. AutoVisie recently had the chance to talk to Maurizio Reggiani, Director of R&D at Lamborghini, who not only confirmed what will power the new car, he also said that the production version will carryover almost untouched from what we saw in concept form at the 2010 Paris Motor Show.
What we now know is that the Sesto Elemento will share the same powertrain as the Gallardo LP570-4 Superleggera including the 570-horsepower V10 and the all-wheel-drive system, and it will be built at a new factory dedicated to building prototypes and limited-volume cars like this. Also, the report states a curb weight of 2,200 pounds, a top speed of 320 kilometers per hour (198 miles per hour) and a 0-100 kph (0-62) time of just 2.5 seconds. The only changes made to bring the concept to production were to increase the car's rigidity and its safety. This means the car will still feature all-carbon-fiber construction and unique bucket seats that are actually built into the car's body; driver adjustments coming from the steering wheel and pedals.
The estimated price for the Sesto Elemento is two million euros, or around $2.6 million US, and although the original production date was slated for early 2013, Motor Authority now says that we'll have to wait for another "year or two" to see this car in the wild. Also, it does not appear that this is the mystery car recently teased in a 50th anniversary video released by Lamborghini.