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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.

Watch Carrera Cup driver Connor de Phillippi's first lap of the N"urburgring

American race driver Connor de Phillippi was recently added to the roster of Porsche Juniors, the arm of Porsche's factory racing program that develops new talent. The 20-year-old is contesting the Porsche Carrera Cup Deutschland series with FÖRCH Racing by Lukas Motorsport, and last weekend, he raced the series round at the Nürburgring. Starting 15th on the grid, de Phillippi would cross the line in ninth out of 32 finishers.
Courtesy of his in-car camera, you can watch his entire first lap in the video below - there's no music added, just engine whine during nine minutes of crests, turns, bumpy straights and that wicked Carousel. Enjoy.

This FL man accused of stealing drivers licenses has best tattoo ever

Bentley and Porsche are two of the jewels in Volkswagen Group's luxury brand crown, but in Florida they also have a very tenuous connection with crime. With his multiple face and neck tattoos, including a Bentley logo right between his eyes, Derek Denesevich (pictured above) has been charged with the surprising crime of alleged identity theft. He recently surrendered to a Florida court, and could face seven years in prison, if convicted.
You might wonder where Porsche fits into this. According to the Sun Sentinel, Denesevich's accomplice was one Porscha Kyles, who worked for the Broward Clerk of Courts. She allegedly used her access to driver's license records to steal information and sell it to Denesevich. He is then accused of filing fraudulent income taxes to recoup the refund checks.
According to the Sentinel, Kyles has already pleaded guilty to conspiracy and identity theft and was sentenced to three years and one day in prison. The duo reportedly stole over 100 identities and made at least $120,000. Scroll down for a video about this pair of auto-related criminals.