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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 Centenario Roadster has arrived and it's already sold out

We love a good crazy Lamborghini design. While Pagani and, arguably, Koenigsegg have overtaken Lambo in the crazy department lately, Lamborghini still has its magic touch. For evidence, let us introduce you to the Centenario Roadster. It was unveiled this afternoon at Pebble Beach. Based on the Centenario coupe that was built in honor of Ferruccio Lamborghini's hundredth birthday (if he were still alive today), the roofless version is essentially the same supercar, but with the added luxury of unlimited headroom. Both Centenarios are based on the underpinnings of a Lamborghini Aventador and built around a carbon monocoque with a 759-horsepower, 6.5-liter V12 in the middle. Thanks to the naturally aspirated V12, the Centenario Roadster can sprint to 62 mph in 2.9 seconds, which is only a tenth of a second slower than the coupe. Not bad. Only 20 Roadsters will be built, the same number as the coupe, and, according to Automotive News, they've all been sold. While the hardtop went for $2 million, the Centenario Roadster, in all of its roofless glory, will run roughly $2.3 million. To us, even though we can't afford it, the insane price tag somehow makes sense. Related Video: Featured Gallery Lamborghini Centenario Roadster Debut View 17 Photos Related Gallery Lamborghini Centenario Roadster News Source: Lamborghini, Automotive News-sub. req.Image Credit: Live photos copyright 2016 Drew Phillips / Autoblog Misc. Auto Shows Lamborghini Convertible Performance Supercars Pebble Beach lamborghini centenario

2016 Lamborghini Aventador LP 750-4 Superveloce First Drive [w/video]

I'm not as fast as Peter Muller. The chief driving instructor for one of the most revered exotic car companies in the world can turn in lap times that would shame my best efforts, all while giving me notes over the radio and steering with one hand. He's quick. And still, I kept catching him, even slowing down for him, on the fast, sweeping Turn 3 at Circuit de Catalunya. On Muller's advice I held a mid-track position just past the halfway point of the corner, then tightening towards a very late apex and flat out acceleration into a short straight section. Muller was leading a $1.5-million pack of Lamborghini Aventador LP 750-4 Superveloce supercars, and driving the standard Aventador himself. Forget that the SV has added nearly 50 horsepower and dropped around 110 pounds versus the 'base' model; those are just numbers. The SV makes a hack like me as quick as Lamborghini's top trainer, for at least one glorious corner. This is a special car. It's hard to describe Lamborghini's 6.5-liter V12 masterpiece without using indulgent language. But it's the reworking of this massive engine that starts to explain my Turn 3 pace. The engine drives an impressive set of output and performance figures: 740 horsepower (the eponymous "750" figure of the model name is a metric horsepower quote), 509 pound-feet of torque, 0 to 62 miles per hour in a scorching 2.8 seconds, and a top speed in excess of 217 mph. Lamborghini president Stephan Winkelmann says the use of naturally aspirated engines is "part of our DNA." That dedication makes for a powerful differentiator in our current turbo-sodden area, and a magical experience in the case of the SV. The added output and "enriched torque curve" have been achieved by way of revised variable valve timing and intake, as well as a new lightweight exhaust system. Power comes on with authority even under a few thousand revs, and rises maniacally as long as you're inclined to keep the accelerator pegged. The V12 spins freely and fast, hammering home the need for a ultra-responsive transmission with each run up to the redline. Of course, the bellow of the car is such that I hardly needed the gear indicator on the digital tach to tell me when to shift. The V12 sounds luscious at low speeds, angry at full throttle, and absolutely murderous approaching the 8,500-rpm cutoff. Unless you're deaf you'll quickly learn when to pull on the shift paddle, while keeping your eyes on the blurring road.