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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's Lock out as American COO

It looks like Lamborghini is going to need a new executive to run its North American operations, as the man who's held the job until now has parted ways with the exotic automaker.
That man is Michael Lock, who has held the position of Chief Operating Officer at Automobile Lamborghini America LLC for nearly two years now. We don't know what the reasons are for his departure, or for that matter whether the departure was instigated by Lamborghini or Lock. However, Lamborghini's official notice released yesterday does state rather flatly: "as of today the collaboration with Michael Lock, COO of Automobili Lamborghini America, is terminated" even as it thanks the executive for his efforts and wishes him the best moving forward.
For the moment, Lock's post will be assumed by Thomas Felbermair, Commercial Director at Automobili Lamborghini, while site operations will be handled by Rene? Sueltzner, who is also in charge of after sales at Automobili Lamborghini America.

1963 Lamborghini 350 GTV still looks fresh on Pebble's Concept Lawn

We already brought you a gallery of Lamborghini's latest rockstar, the Veneno, from it's vaunted spot on the lawns of The Quail here in Monterey. Apparently the Italian brand didn't want the Pebble Beach crowds to feel left out, so it brought the supercar along to the Concept Lawn here as well. Not to miss out on the classics action Lamborghini has matched the Veneno with the car that started everything for the company: the original 1963 350 GTV prototype.
With 50 years separating the Veneno from the debut of the hip 350 GTV at the Turin Motor Show, Lamborghini cheekily mentions that it has stuffed "100 years of innovation in half the time." We'll leave the judgments of historical significance in the capable hands of the Pebble judges, but will agree that the original Lamborghini still looks amazingly hot, decades after its reveal. Apparently the classic 350 GTV doesn't travel a whole lot either, so we're happy to have a chance to lay eyes on it here.