VW lost $1.8 billion in Q2 but forecasts an annual profit

Filed under: Earnings/Financials,Volkswagen

Carmaker Volkswagen recorded an after-tax loss of 1.54 billion euros ($1.81 billion) in the second quarter as the pandemic shut down auto plants and closed dealerships. The company sold 35% fewer cars and cut back its proposed dividend but said it had been able to safeguard its cash reserves and would make an operating profit for the full year. Chief Financial Officer Frank Witter said that “the first half of 2020 was one of the most challenging in the history of our company due to the COVID-1

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VW lost $1.8 billion in Q2 but forecasts an annual profit originally appeared on Autoblog on Thu, 30 Jul 2020 08:55:00 EDT. Please see our terms for use of feeds.

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Review: Saying Goodbye to the CC V6

For all its size and its global reach, Volkswagen is still, in many ways, a deeply human company. There was, for instance, the Bugatti Veyron an ego project if ever there was one. Then the purchase of Ducati, a move most called folly. And then there was the Phaeton, the Volkswagen that most folks can’t afford. Not only were these moves all strange, I’m sure that they made VW’s accountants furious. None of them made good business sense, but they were all deeply interesting and they all are evidence of the heart that beats at the center of VW. Among these follies is the CC, a car that everyone agrees is rakishly handsome, but that no one really wanted to buy. The car couldn’t last, but the world is brighter for its having been in it. With the approach debut of the Arteon, it seems like a good time to look back on its sadly departing predecessor. The version I drove, because I live in Canada, is a V6 Wolfsburg Edition, which apparently isn’t available in the States. Nor is the V6, not as

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Waterfest 24 will be held at Atco Dragway, in Atco, New Jersey. The summer event will take place at its new venue on July 21 and 22. Long held in Englishtown, New Jersey, the festival has been such a large part of the VW scene that the latest iteration of the Golf even comes with optional “Englishtown” wheels . The new venue, however, is an NHRA drag track a scant 52 miles southwest of Englishtown. The ¼ mile drag track opened in 1960, which makes it the oldest drag strip in New Jersey. The announcement came today on a social media post that announced the new location. Waterfest is North America’s largest VW/Audi show. As many 20,000 people show up for the annual show, making the second largest show in the world—with Worthersee being number one. 2018 will be Waterfest’s 24 th year in existence. The post Waterfest Moves to Atco Dragway appeared first on VWVortex . from VWVortex http://ift.tt/2GQjkuc via IFTTT

Mitsubishi admits it lied about MPG ratings for all vehicles in Japan

Filed under: Government/Legal , Green , Mitsubishi , Fuel Efficiency , Japan Mitsubishi says its shady fuel-economy test practices may have been used on all vehicles it sells and has sold in Japan. Continue reading Mitsubishi admits it lied about MPG ratings for all vehicles in Japan Mitsubishi admits it lied about MPG ratings for all vehicles in Japan originally appeared on Autoblog on Wed, 11 May 2016 12:36:00 EDT. Please see our terms for use of feeds . Permalink | Email this | Comments from Autoblog Volkswagen http://ift.tt/21X3bHv

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