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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

Latest Transformers 4 trailer has Lamborghini getting in on the action

If any modern movie franchise defines spectacle, it has to be Transformers. All instantiations are about inviting audiences to sit down, fill up popcorn and turn off their brains because the next 90 minutes are nothing but shiny robots, explosions and loud noises. Oh, and cars... lots of cars. The latest trailer for Transformers: Age of Extinction, the fourth film in the series, has just hit the web, and it checks all the boxes of what makes the films stand out.
The last trailer showed off a plethora of the movie's cars. This new one aims for action and focuses mostly on robots beating each other up in various international locales. Although, there is a great look at the movie's Lamborghini Aventador (pictured above) transforming and even briefly fighting Optimus Prime.
From the previous trailer and other releases, we know that the latest movie features a ton of vehicles, including a new look for Bumblebee, the Chevrolet Camaro, plus a Bugatti Veyron, C7 Corvette, Freightliner truck, Pagani Huayra and many more. Transformers: Age of Extinction is scheduled to hit theaters on June 27, 2014. Scroll down to watch this extravaganza of special effects.

Lamborghini Huracan races Su-30 jet in Russia

We've seen it time and time again, but we never seem to get tired of it. We are referring, of course, to races between supercars and fighter jets. The time-honored tradition has seen a Lamborghini Reventón take on a Panavia Tornado, an SRT Viper line up alongside an F-16, even a Red Bull F1 car tackle an F/A-18 Hornet. But now it's time for the new Lamborghini Huracán to take its turn. And since this contest takes place in Russia, its rival is none other than the Sukhoi Su-30 Flanker-C, the two-seat version of the earlier Su-27 and one of the most advanced aircraft to come out of the Soviet Union.
Now there are, of course, many ways to set up a race between car and jet, but for this one, the organizers had the competitors line up on the runway, accelerate past a marker (at which point the jet is already in the air), turn around and return. We'll let you watch the video for yourself to see which won, but either way, there can be little question that the Su-30 and the latest Lamborghini are two of the most formidable performance machines ever devised.