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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 exploring more elegant designs

Ferrari's front-engined V12s and mid-engined V8s have taken turns monopolizing the brand's perception; the 550 Maranello was probably the last front-engined V12 to be first-to-mind, now the 458 Italia leads the family. Not so at Lamborghini, where a mid-engined V12 has been the go-to and centerpiece since the extraterrestrial Countach landed, and it still is no matter how much the Huracan outsells the Aventador. That shape, those doors, that engine – they're the franchise. That doesn't mean Lamborghini isn't trying new things. The Asterion LPI 910-4 concept from last year's Paris Motor Show was more than the marque's first draft of a hybrid, it was an exploration of a different avenue in design. According to design chief Filippo Perini, "We need to understand if we can open another window in our future to be not so extreme but also a little bit more politically correct and elegant." The Asterion points at elegance and "a daily use of the car" with more room inside, a slimmer rocker panel and sill for easier entry, and a raised hip point in the seats for a higher driving position. Perini said that from the driver's seat, "You can see the color of the car. That is something unknown in our very extreme designs." Extreme Lamborghinis aren't going away, however – note that Perini spoke of opening "another window" of design. The goal, he said, "is to understand if [its] design language will be appreciated by a different kind of customer." We can't imagine why not, and we hope we get more news about the "hyper cruiser" GT outside of magazine articles and auto show grandstanding. If it were up to us, Lamborghini would open that window all the way.

Tour Lamborghini museum with Google Street View

If you find yourself in northern Italy with some spare time on your hands, we could think of few places better to spend it than the Lamborghini Museum in Sant'Agata. The 16,000-square-foot facility houses what is surely the most magnificent collections of Raging Bulls in the world on two levels of glassed-in floorspace. But if your travel plans won't be taking you to Bologna, Lamborghini has teamed up with Google to provide the next best thing.
Now all you've got to do to get a closer look at the Lamborghini Museum is open another tab in your web browser and head over to Google Maps (or fire up the Google Maps app on your smartphone or tablet) to see the whole museum in Street View. There you'll find everything from production models like the Miura, Countach, Diablo and Murcielago to limited-production rarities like the Reventon and Sesto Elemento, prototypes like the Estoque and Zagato Canto, a Gallardo highway patrol car and a handful of Lamborghini-powered F1 cars, like Nicola Larini's 1991 Modena 291.
You can even get into a few of them, which the museum's curators aren't likely to let you do in person. So whether you're at home, at the office or in Sant'Agata Bolognese, it's there for you to check out on Google Street View. Short of that, you can scope out a few screen shots in the gallery above and the details in the press release below.