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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

Deadmau5 orders Nyanborghini Purracan to replace departed Purrari

EDM DJ and producer Deadmau5 is unusual among car collectors for a few reasons, like the fact that the Canadian native didn't get his driver's license until he was 32 - about two years ago and well into fame - so his first car was a Porsche 911 Carrera RS. Elsewise, his garage contains a BAC Mono, a McLaren P1 and 650S, a Range Rover, a "custom Jeep Rubicon with an SRT engine and big suspension," and a daily driver Bentley Continental GT Supersports. There is also that controversial and now-unwrapped Ferrari 458, the Nyancat Purrari with custom badging that so incensed Ferrari they sent him a cease-and-desist letter. After the kerfuffle, Nissan teased Deadmau5 with the idea of a Nyancat GT-R, but the musician has tweeted the the replacement is going to be a Lamborghini Huracan called, naturally, the Nyanborghini Purracan. Deadmau5 tweeted the delivery date is in May, so all you other Toronto-ites, you have until summer to prepare yourselves for this guy patrolling the streets. Oh, Canada... News Source: Deadmau5 via Twitter [1], [2], Jalopnik Celebrities Design/Style Lamborghini Coupe Luxury Performance Supercars

Lamborghini Huracan gets sharp new factory appearance kits

If you, typical Lamborghini Huracan owner, aren't satisfied enough with the stock appearance of your $240,000 Italian sports car - and you know you aren't - the company has a solution. Rather than getting a tasteless gold-finish wrap or a set of oversized and overwrought Forgiato wheels, stick with factory-backed products. Lamborghini now offers three "After Sales" kits that add stripes, wings, and new wheels, all without voiding the warranty. Not that we'd know for sure, but it must be hard owning a Lamborghini. Especially when friends in Ferraris call it an overpriced Audi R8 (don't listen to them). Ordering one of Lamborghini's new kits is a surefire way to both set yourself apart and show you only trust high-quality, lightweight composite factory pieces like the matte black front splitter, side skirts, rear diffuser, and fixed rear wing. For you, Liberty Walk will not do. In addition to all of the aero bits, Lamborghini offers an appearance package that adds two body-length stripes to the car, all without harming your Verde Mantis paint. While stripes and aero are fine, if you really want to impress your friends, you must opt for the center-locking wheel kit that replaces the plebeian five-lug hub. This racing-inspired option comes with Super Trofeo inspired black wheels, and you won't even need a new set of tires. Price? Well, you know what they say about asking. Related Video: Featured Gallery Lamborghini Huracan After Sales Kit News Source: Lamborghini Design/Style Lamborghini Supercars