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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

Top London design students imagine Bentley in 2050

Imagination is the birthplace of good design. Shapes, curves, and edges are formulated inside an artist's mind before spilling onto a sketchbook page and taking shape as an automobile. The Royal College of Art in London aims to nurture this within its mobility students. In a recent project, vehicle design students of the MA Intelligent Mobility program brainstormed how the future of Bentley Motors would transpire in physical form. The challenge asked, "What will British luxury mean in 2050?" In total, 24 designer hopefuls turned in designs to a judging panel of RCA teachers and members of the Bentley design team. These same teachers also helped the students throughout the process. Of the 24, only four designs were plucked and highlighted, seen in the concept sketches above. Eunji Choi's "Elegant Autonomy," which looks like a mesh between a luxury yacht and a grand piano, took a high-class approach to what driverless cars might look like. Jack Watson's "Stratospheric Grand Touring," the teardrop pod on legs, makes note that without the worry of travel difficulties, home could be literally anywhere. Irene Chiu's "Luxury Soundscapes," seen from the overhead and cockpit views, reimagines a car's cabin as a tranquil safe space. Kate NamGoong's "Material Humanity," which most resembles a current-age car while invoking historic Bentley design, offers a future where the way to stand out from the crowd will be to occasionally drive a combustion engine like "the old days." The rarity of such an engine will form a niche for craft exposed engines, much like is true of high-end watches. We think we like that one best *wink*. The intent for the Intelligent Mobility program is to lead the proclaimed third age of automotive design. It is meant to work toward a future of interconnected megacities, flying cars, driverless vehicles, and sustainable energy and materials. The biggest problem with the future? It'll have new innovations and worse problems even the human mind not be able to imagine. Related Video: Featured Gallery Future of Bentley, Royal College of Art View 16 Photos News Source: Royal College of Art Design/Style Green Bentley Autonomous Vehicles Luxury

City of LA's electric vehicle fleet adds Tesla Model S, BMW i3

For anyone who thought that Los Angeles' efforts to turn its traffic problems green would end after a partnership with Waze, think again. The City of Angels has committed to leasing 160 battery-powered electric vehicles and 128 plug-in hybrids for its municipal fleet. A post on the LAPD blog says that the police, fire, general services, water and power departments will split the former, while the general services will also take all of the latter. Mayor Eric Garcetti says that this move puts LA closer to its goal of becoming the "most sustainable city in America." For now it has to settle for having the largest city-owned fleet of battery-powered rides. The blog post goes on to say that as part of this Sustainable City pLAn (not a typo), it also has a shiny new Tesla Model S P85D and BMW i3 for "testing and research." Hopefully that includes seeing how effective Ludicrous Mode is against fleeing perps. #LAPD: @LAPDChiefBeck speaking at the news conference on Historic Transition to Green Energy Vehicles. pic.twitter.com/n1KdFOrX8F — LAPD HQ (@LAPDHQ) September 11, 2015 This article by Timothy J. Seppala originally ran on Engadget, the definitive guide to this connected life. News Source: LAPDImage Credit: LAPD on Twitter Government/Legal Green Bentley Tesla Electric lapd