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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

Uber adds supercar rides in Singapore

Order a ride through Uber and you'll have a choice between what kind of car you want or need: Uber Black for standard fare, Uber X for the lowest cost available, Uber Taxi to order a regular cab, Uber SUV if you need to move more people or even Uber Lux if you want a luxury town car service. But customers in Singapore now have another option: to be picked up in a Lamborghini or Maserati. The pilot program launched in collaboration with Dream Drive will allow customers to be picked up in either a Lamborghini Gallardo Spyder or a Maserati GranTurismo to get around the Southeast Asian city-state. Ordering up the Maser will set customers back 165 Singapore Dollars (equivalent of $120 USD) for the first 15 minutes and 7 SGD ($5.10) for every subsequent minute. The Lambo gets the same per-minute rate but begs a higher 200 SGD ($146) base rate. Uber and Dream Drive were even offering free rides over the weekend to launch the initiative. Those prices make riding around in an Italian exotic pretty pricey, especially since you don't actually get to drive them – just ride shotgun. But then cars are quite expensive to begin with in Singapore, where it costs over half a million in US dollars to get a new Maserati in the first place. News Source: Uber via GTspirit.com Green Lamborghini Maserati Supercars Uber singapore

Recharge Wrap-up: Energica Ego drag race video, GM recycles Flint Crisis water bottles

Watch the electric Energica Ego streetbike face off against a race-spec Kawasaki and Lamborghini. First, the street-legal EV bike takes on the Pedercini Racing World Superbike Kawasaki ZX-10R. While they're about equally matched in 0-62 mph acceleration (at three seconds), the race-spec Kawasaki appears to finish first. It's a closer finish compared to the stock version of the bike. The Energica, however, leaves the Lamborghini Gallardo LP570 Super Trofeo far behind in the quarter mile. Watch the video above, and if you're hungry for more, watch the Energica Ego take on a Tesla and a Ferrari in an earlier video. GM is recycling 2 million water bottles from the crisis in Flint, Michigan to make coats for the homeless, engine covers, and air filters. The bottles are an addition to the automaker's ongoing Do Your Part recycling program. Of the 2 million bottles being transformed into other products, a number will become engine covers for the Chevrolet Equinox V6, while others will be turned into air filters for 10 GM manufacturing facilities. The most novel and noble use, though, will be to turn the recycled plastic fleece into coats for the homeless. The coats themselves – which are made by formerly homeless women through The Empowerment Plan – transform into sleeping bags. Read more from GM. An urban mobility organization called the Transit Center is calling for simpler bus routes to make riding more bearable. Using the hastag #StraighterIsGreater, the group has called upon citizens to share the most convoluted routes that lead to long, boring, inconvenient, and inefficient travel. The Transit Center believes smarter, simpler bus routes would improve commute times and help convince more people to use public transportation. There are certainly obstacles to streamlining routes while continuing to accommodate the most riders, though, but many people are sharing their favorite successful examples on Twitter. Read more from CityLab. Related Gallery Energica Ego: First Ride View 26 Photos News Source: YouTube: ih8u2be, GM, CityLab Green Motorsports GM Lamborghini Automakers Green Automakers Transportation Alternatives Motorcycle Electric Videos recharge wrapup