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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 SUV given green light by VW board

The "will they, won't they" saga over Bentley's SUV plans appears to finally be over. They will. That's according to the German business newspaper Handelsblatt, which is reporting that the controversial SUV will be built after receiving the go-ahead from Volkswagen's board.
Known internally as "Falcon," the still-unnamed Bentley SUV will be based on the EXP 9 Concept that received wildly mixed reviews at its 2012 Geneva Motor Show unveiling. Since the EXP 9's unveiling, there have been a steady stream of leaks and rumors suggesting that the bold-faced vehicle will get a redesign prior to going into production, but it remains unclear how different the final vehicle will look.
According to Automotive News, Bentley is itself stopping short of confirming the green-light report, though it does admit that the SUV's production outlook appears "very positive." Production will likely take place in Slovakia at a plant owned by parent Volkswagen.

Bentley Continental Flying Spur taking shape

The redesigned Bentley Continental Flying Spur has again been caught undergoing testing, though this time away from public roads while tackling the Nürburgring's 154 turns. The car we see in these new spy shots also reveals more of the Flying Spur's new lines, which we expect to largely mirror the shape already seen on the new Continental GT and GTC models.
Likewise, the new four-door Continental will probably come with the same engine options as the coupe and convertible: the tried and true 6.0-liter W12 making 567 horsepower and the new twin-turbo 4.0-liter V8 producing 500 hp. Its two stablemates were also updated with an eight-speed transmission for 2012, so expect the Spur to swap that many gears, as well.
Really, the only unknowns left are how Bentley will be handling the four-door specific design elements like the shape of the rear end, which is somewhat obscured by this car's checkerboard camo, as well as when the sedan will debut. We've received no indication thus far that Bentley is planning to use the Paris Motor Show, which happens later this week, for the Flying Spur's unveiling. That leaves a string of upcoming shows where it could happen, including the LA Auto Show, Detroit Auto Show and Geneva Motor Show.