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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 announces plan to replace 911 GT3 engines

About a month back, we reported that Porsche was suspending delivery of its 911 GT3 due to reported incidents of the engine bursting into flames. A few days later, Porsche told owners of the new track-ready models not to drive their cars and had their local dealers pick up the cars in question. Just a couple of days ago, we reported that Porsche was working on a fix, and now we have the official details.
Following an internal investigation prompted by two such incidents, Porsche has confirmed that is has identified the problem as resulting "from a loosened screw joint on the connecting rod." The loose connecting rod, Porsche found, damaged the crankcase, which in turn resulted in oil leaking and then - in at least two cases - igniting.
Our source is unaware of Porsche being contacted by GT3 owners concerned about the impact of a replacement engine on their car's collectibility or resale value.

Jack Olsen built one Porsche to do it all

Jack Olsen has built himself a lair called the 12-Gauge Garage, and inside that garage he built a lairy Porsche 911 nicknamed Black Beauty II. Although it looks like one of Stuttgart's models from the sixties or seventies, it is actually four decades of 911 gubbins from 1965 to 2000 thrown under one shell: the lightweight body is from 1972, the transaxle from 1977, the brakes from a 1986 Turbo, the engine from 1995, for example. It weighs 2,400 pounds and it's got 272 horsepower to get it going, but it's still a pure Porsche, Olsen saying, "If you stop thinking about what you're doing, it will remind you in very abrupt ways."
Olsen said the real point has been to have one car that does it all, so he does everything in his 911 from neighborhood runs to 7-11 to track racing - he loads the aero bits in the car and bolts them on trackside. And he says he'll never stop tweaking the suspension.
You can watch and hear the rest in Olsen's words in the video below.