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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.

Porsche 911 Carrera 4, Alfa Romeo Giulia Quadrifoglio and a chat with Jean Jennings | Autoblog Podcast #626

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer, Associate Editor Byron Hurd and special guest Jean Jennings. The gang kicks off with a discussion about the cars they've been driving — 2020 Porsche 911 Carrera 4, 2020 Alfa Romeo Giulia Quadrifoglio and the 2020 VW Tiguan. They shift gears to talk about the latest news gleaned from a press conference concerning the 2021 Supra, then, they reach into the mailbag to help a listener buy a performance car. Lastly, Greg has a chat with special guest Jean Jennings. Autoblog Podcast #626 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 Porsche 911 Carrera 4 2020 Alfa Romeo Giulia Quadrifoglio 2020 Volkswagen Tiguan R-Line 2021 Toyota Supra news Spend My Money Jean Jennings interview Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Next-gen Porsche 911 may include plug-in hybrid version

According to Auto Express, there's a plug-in hybrid Porsche 911 on the way, and it could arrive as soon as the introduction of the next-generation car. At the Detroit Auto Show, the UK outlet spoke to 911 product line director Dr. Erhard Mossle, who said the Stuttgart automaker was "working on different solutions" for the next iteration of its most iconic car, and, "of course, we are discussing plug-in solutions for the 911, but there are a lot of things to solve with packaging in the car and other things to solve. It will maybe be in the next generation, yes." "When we see the 911," he said, "we see the plug-in hybrid as a performance car." Since we just saw the introduction of the turbocharged powerplant in the 911 Carrera last summer, we can expect a wait of at least four years for the next powertrain evolution. Mossle said that any 911 PHEV would remain a sporty proposition and likely retain the flat-six engine, which would give more prestige than the four-cylinder 718 (Cayman and Boxster) yet still be able to satisfy emissions regulations. Mossle is echoing the comments made by Oliver Blume, chairman of the executive board at Porsche, at the Detroit show when Blume said the production version of the Mission E concept would be a sports car that happens to be electric. As far back as 2009, in fact, Porsche has been openly discussing an electric 911, the caveat even then being that it has to perform like a Porsche while providing decent range. In the middle of 2014 it was reported that the carmaker might make a 700-horsepower 911 Turbo S hybrid, by the end of 2014 it was reported that the automaker wouldn't make a 911 hybrid. A year after that first report, a 911 hybrid was back on, using the E-Hybrid system supposedly dismissed six months before, and then last November we got spy shots of a 911 with a supposed PHEV port. But with its Mission E work, and being designated to lead the Volkswagen Group's R&D into performance hybrids, a battery-boosted 911 might finally make sense. Related Video: