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IED collaborates with McLaren to create the crossovers of 2020

Students from the Istituto Europeo di Design, Turin have collaborated with British super car manufacturer, McLaren Automotive, to design an off-road, hybrid two-seater for 2020. The 33, third-year post-diploma Transportation Design students were briefed by McLaren Automotive design director, Frank Stephenson, to create a car capable of 'combining sports excellence, driving thrills and the McLaren performance characteristics both off- and on-road'. "McLaren Automotive's plans are wholly based on two-seat, mid-engined performance cars," explained Stephenson.

Volkswagen to buy 42 percent of Porsche, full merger planned

Volkswagen will buy 42 percent of Porsche's sports-car business en route to a full merger by the end of 2011, the companies announced Thursday. VW will pay $4.7 billion for its initial stake in Porsche. It positions the new company to have 10 brands and global sales of 6.4 million, and Volkswagen CEO Martin Winterkorn is likely to lead the entity.

FCA issues warning on logbook loans

VULNERABLE people who use their car as security to take out a loan are finding themselves squeezed even harder financially and even threatened, the City regulator has found. The Financial Conduct Authority warned it will put firms offering logbook loans out of action if they do not "dramatically" improve their standards, after finding evidence of poor behaviour including little or no affordability checks being carried out and some applicants being encouraged to manipulate details of their income. It said lenders are failing to properly spell out exactly how expensive such debts will be, with the true cost often masked by an emphasis on "low" weekly repayments and key terms and conditions buried in small print.