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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 to reveal Cayman GT4 Clubsport racer in LA

Aspiring professionals and amateur gentleman racers alike will want to swing by the Porsche booth at the LA Auto Show this year. That's where the German automaker will be revealing its new entry-level racer. The Porsche Cayman GT4 Clubsport is nearly stock, but features some choice upgrades to cater its disposition toward the racetrack. Power comes from the same 3.8-liter flat-six as the road-going Cayman GT4 (shown above), producing the same 385 horsepower. It ditches the manual, however, for the faster-shifting DCT (which we expect will soon be offered on the showroom version as well), aided by a mechanical locking differential. It features the front suspension setup from the 911 GT3 Cup car and beefed-up steel brakes. It's also got a roll cage inside and a racing bucket with a six-point harness. All told, the whole package weighs 2,866 pounds – making it a good hundred pounds lighter than the street-legal model on which it's so closely based. Once homologation is complete, customers will be able to field it in series like the Pirelli World Challenge, Continental Tire Sports Car Challenge, and Pirelli GT3 Cup Trophy. Porsche has yet to release images, but we'll be sure to update this post as soon as they're available – so watch this space. New race car for motorsport newcomers Porsche develops Cayman GT4 Clubsport Stuttgart. Using the lightweight Cayman GT4 as the basis, Porsche Motorsport has developed a near-standard racing version. The Cayman GT4 Clubsport celebrates its world premiere at the Los Angeles Motor Show on 18 November. Sales of the 283 kW (385 hp) mid-engine racer for motorsport newcomers also start on this date. Just like its race-worthy production sibling, the Cayman GT4 Clubsport is powered by a 3.8-litre flat-six engine. The racing version features a Porsche double clutch transmission with shift paddles on the steering wheel and a mechanical rear-axle locking differential. The lightweight suspension strut front axle is taken from its big 911 GT3 Cup brother, which is campaigned in Porsche's 20 one-make championships around the world. The impressive racing brake system is fitted with steel brake discs all round measuring 380-millimetre in diameter. Tipping the scales at just 1,300 kilograms, the Cayman GT4 Clubsport, delivered ex-works with a welded-in safety cage, a racing bucket seat as well as a six-point harness, is truly lightweight.

Seinfeld takes Seth Meyers out in the perfect Porsche

The latest episode of Comedians In Cars Getting Coffee features Seth Meyers of Saturday Night Live fame riding shotgun in what is a very special Porsche from host Jerry Seinfeld's collection: a 1973 911 Carrera RS 2.7. Seinfeld chose the "no-nonsense" sports car because he thought it fit his guest's personality (Meyers thinks motorcycles "are like the cigarette of transportation"), but we enjoy the chance to see one of these rare, über-valuable Porsches being driven on city streets - and in the rain, no less! What we don't like seeing is the Carrera RS being parallel parked behind a pick-up truck, though, fortunately, it seems that Seinfeld was able to avoid any front-end damage to the comparatively fragile Porsche.
Once at the coffee shop, the two comedians have a candid conversation about Meyers' time with SNL, from his early days on the show when he didn't think he was good enough to be a cast member to some of the high points in his career, such as SNL's "Really!?" segment that he performed in and how he became a writer for the show.
After coffee, when they're back in the car and Seinfeld opens up the throttle of the lightweight RS 2.7, he manages to eke out a big grin from Meyers - or maybe it was a grimace at the thought of driving in the rain on old tires. Whatever the case, be sure to watch the video below (and stay tuned until the end for a surprise).