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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.

Audi to blitz 1.5M sales goal two years ahead of schedule

Audi doesn't seem to be having any trouble of hitting its relatively audacious sales goal of two million units by 2020 - it's already on pace to eclipse 1.5 million sales two years ahead of schedule. According to Reuters, the Volkswagen-owned brand rode a wave of sales in China and the US to pace the early goal, with 780,500 deliveries at the halfway point of 2013. Particularly hot models include the Q5 crossover seen above and A4 sedan. Unless things go poorly in the second half of the year, 1.5 million sales shouldn't be an issue.
That leaves it trailing BMW by just 24,000 units for the global luxury sales crown. If sales trends keep up, Audi will succeed in hitting its goal of two million units and besting its cross-country rival in Munich. Audi CEO Rupert Stadler smells blood, telling German newspaper Handelsblatt, ''We have overtaken Mercedes-Benz and we are now closer to BMW than ever before."

Notes from Day One of the 2013 Twelve Hours of Sebring

The 61st edition of The 12 Hours of Sebring is on, and Autoblog has come to central Florida with Audi to feast on jumbo boiled peanuts, pickled eggs and the final race for the LMP1 class at the oldest road course in North America. As Audi has been doing for more than a decade now, it's brought its latest endurance race car, the 2013-spec R18 etron quattro, to Sebring to begin testing for Le Mans.
Why the commitment to Sebring? Audi Sport executives have repeatedly called Sebring "punishing," "extremely demanding" and "one of the toughest tracks in the world." It is a 3.47-mile circuit that, in places, feels like it was made from the leftover bits of other circuits. Doing the 12-hour distance in Florida is thought to be a good start on lasting the 24-hour distance in France, and we can't think it a coincidence that Audi has won ten times here in the last 13 years and 11 times in Gaul.
Where there's rhyme - and victory - there is reason. We think we found a few of them on our first day where preparation, technology, fastidious attention to detail and sweat fit right in with swamp cabbage...