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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.

Bentley and Italdesign tease Geneva reveals

With five weeks to go until the Geneva Motor Show on March 5, automakers have begun the tease campaign. But because there are still five weeks to go, the teases are a little stingy. Bentley and Italdesign, two brands owned by the Volkswagen Group - Audi, specifically, owns Italdesign - break the seal with what look like two sports cars, the segment Geneva's best known for. Bentley, surprise, surprise, will celebrate its centenary year at Geneva with something inspired by its Le Mans history. The English carmaker's teaser video contains a number of historical elements that we don't know how to line up with the grille of the modern Bentley featuring a "9" graphic. The narrator detailing the early Le Mans race mentions 60 entries, but Le Mans never fielded exactly sixty entries during Bentley's fame-making days. The closest we could get was the 1925 race, the year after Bentley's first win, which saw 55 cars line up. But in 1925, the No. 9 Bentley had to retire after 13 hours when it caught on fire during a fuel stop. Instead, Bentley could be referring to the next evolution of its race cars. The brand won Le Mans with the Speed 6, and used the Speed 8 to win the 2003 race. Italdesign has gone even more cryptic with its teaser. The styling house most recently known for the Lamborghini Huracan-based Zerouno in 2017, and the Zerouno Duerte and Nissan GT-R50 in 2018, is promoting something else with serious wing. We'll guess it isn't another Zerouno derivative because of the wing stanchion. Freezing a few of the frames reveals background lines that make whatever's coming look highly racy. We'll get answers in the city by the lake. And most likely, a few more teasers before then. Related Video:

Bentley refreshed the Bentayga for 2021, and you can win one here

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze. Is that tax return or stimulus check burning a hole in your pocket? Why not spend some of it on a cause that could help both you and the Make-A-Wish Foundation? That's exactly what could happen if you entered this sweepstakes on Omaze. It’s a 2021 Bentley Bentayga V8 plus $20,000 cash, a prize worth nearly a quarter-million dollars, and there's no purchase necessary to win. The 2021 Bentayga features a 4.0-liter twin-turbo V8 that makes 542 horsepower and 568 lb-ft of torque. That kind of power will propel you and up to four other passengers to a top speed of 180 miles per hour. If you so choose, you can tow up to 7,700 pounds, though we seriously doubt youÂ’ll see any of these at the boat ramp on Saturday morning.  Win a 2021 Bentley Bentayga V8 and $20,000 - Enter at Omaze The exterior obviously stands out, but with most luxury SUVs, the interior is just as important, if not more so. HereÂ’s what we had to say about the inside of the 2021 model, which was the first major refresh since the Bentayga was introduced in 2016: “Of course, the interior is arguably the most important part of a Bentley. The center stack gets a new look; Bentley has provided a new steering wheel, new door trims and completely new seats. ItÂ’s built around new tech, as Bentley has integrated its 10.9-inch touchscreen infotainment display in the center stack directly below the new air vent design and clock, fully spanning the width of the area now. This system adds wireless Apple CarPlay and Android Auto, and Bentley has updated the carÂ’s USB ports to USB-C outlets. Bentley has also adopted the fully digital instrument cluster from the Continental GT and Flying Spur, which allows you to customize the screen to a number of different views. Even the rear seat passengers are getting an upgrade, as Bentley has added a larger rear seat touchscreen control tablet thatÂ’s faster than before. “There are some new convenience features added for the refresh, too. For example, the windshield washer jets are now integrated into the wipers and feature 22 heated washer jets in each arm. ItÂ’ll continue to be offered in four-, five- and seven-seat configurations.