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Volkswagen profit jumps as it warns of a cooling auto market

FRANKFURT, Germany — Volkswagen says its profits jumped 44% in the third quarter thanks to a more profitable mix of vehicles in its lineup but warned that global car markets are slowing more than expected and lowered its forecast for annual sales. After-tax profit rose to $4.42 billion (3.98 billion euros) as revenues rose 11% to $68.27 billion (61.42 billion euros). The sales margin of 7.8% exceeded the goal of 6.5-7.5% as vehicles bringing higher profits took a larger share of sales. The Wolfsburg-based automaker pointed to the headwinds facing the industry by saying that it expects "vehicle markets will contract faster than previously anticipated in many regions of the world." It said sales would be "on a level" with last year's record of 10.8 million vehicles. Previously it had expected a slight increase. The company said its profits would be in the lower end of its forecast range. Global automakers are facing a slowdown in sales amid disputes over trade and from pressure in the European Union and China to develop and sell low-emission vehicles that require heavy investment in new technology. Ford and Renault have issued profit warnings in recent days, while Daimler, maker of Mercedes-Benz luxury cars, lost money in the second quarter and is expected to outline a cost-cutting strategy for investors on Nov. 14. Volkswagen is leading the push into electric vehicles in Europe by launching its ID.3 battery-powered compact car at prices it says will make zero local emission vehicles a mass phenomenon. The company was able to increase earnings in the quarter despite an 18% rise in spending on research and development.

A few pre-race notes and a lot of photos from the 24 Hours of Le Mans

The 82nd running of the 24 Hours of Le Mans is on.
Audi has won 12 of the last 15 events, the scion of Auto Union is trying to make it 13 this year. To do so, it will have to overcome a situation faced only three other times during its dominance of La Sarthe: underdog status. Toyota has won the first two races of the year and claimed pole for this race, the rumor being that this year it's Toyota's race to lose.
And then there's Porsche. It's been 16 years since the Stuttgart brand raced on the top rung at Le Mans, three years years since it announced its return, just a year since it acquired Mark Webber in a signing that wasn't subtle and a few months since we got eyes on the 919 Hybrid.

2015 Audi Q3 pricing leaked, starts at $32,500*

Audi only debuted the 2015 Q3 compact crossover for the US market at the 2014 Detroit Motor Show in January, yet that feels like a lifetime ago. However, the little luxury CUV is finally getting close to reaching these shores, and alleged pricing for it is leaking out.
According to leaked documents from Audi Q3 Forum (right), the premium compact crossover has a starting price of $32,500 (*plus an additional destination charge of $925), for an actual cost of $33,425. That covers the front-wheel drive model with a 200-horsepower 2.0 TFSI turbocharged four-cylinder engine and a six-speed automatic transmission. Upgrading to a version with Quattro that spins all four wheels brings the bill to $34,600 - $35,525 after destination charges. In case you wanted further proof, Audi's new Q3 teaser site confirms the starting price of $32,500.
The documents list two trim levels - Premium Plus and Prestige. Premium Plus includes standard features like a panoramic sunroof, heated seats, Xenon headlights with LED running lights and dual-zone climate control and more. Paying $3,900 more for Prestige adds MMI Navigation Plus, Bose surround sound, a power tailgate and other goodies.