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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.

McLaren P1 squares off against Porsche 918 in Evo track battle

Evo's side-by-side comparison of the McLaren P1 against the Porsche 918 Spyder isn't the first time we've seen England and Germany's ultimate automotive weapons sized up together; last month, Autocar tested them over the standing mile, with a Ducati 1199 Superleggera playing the joker. Evo throws a few curves at its test, though, taking the supercars to Anglesey Circuit in Wales to see which will lay down the fastest lap time with scribe Jethro Bovington at the wheel. In case the numbers haven't yet been seared into your memory, while both are assisted by electric motors, the 3,069-pound, rear-wheel drive P1 gets on with 903 horsepower and 664 pound-feet from a 3.8-liter, twin-turbocharged V8. The 3,750-pound, all-wheel-drive 918 Spyder does its job with 795 hp and 575 lb-ft surging out of a naturally aspirated, 4.6-liter V8. We're not told know which circuit layout he uses for the test, but both cars comfortably eclipse the mark set by the fastest coupe Evo's driven around it so far, the Ferrari 458 Speciale. Then, in an epilogue occasioned by a tire change, one of the supercars comfortably eclipses its own time again, before Bovington declares one the master of the track and the other the ruler of the street. Enjoy finding out which is which in the video above.

Volkswagen Group's Vision 2030 strategy could bring revolution to the brands

One would expect a corporate plan called "Vision 2030," looking 11 years ahead through wildly tumultuous times, to involve great change and numerous forks in numerous roads. According to Automobile's breakdown of Volkswagen's path forward, though, the plans contain some lurid potential surprises. The ultimate aim is return on investment, and that means ruthless reorganization of a conglomerate with eight primary car brands, two car sub-brands, and Ducati motorcycles. The first two Vision 2030 cornerstones Automobile mentions are near boilerplate: Production network restructuring, and "streamlining of key technologies." The latter two are the ones that could upend what we know as the Volkswagen Group: focusing on the Group's core brands — meaning Audi, Porsche, and VW — and transitioning to EVs, autonomy, and other mobility solutions. Based on the report, a quote from Audi's CTO referring to the Audi brand could cover how the Group plans to handle all of its brands: "We need to find a sustainable solution for the indefinite transition period until EVs eventually take over." The boutique divisions adjacent to carmaking, Ducati and Italdesign, look likely to be spun off. For the halo car brands — Bentley, Bugatti, and Lamborghini — apparently shareholders want double-digit returns on investment, and the trio doesn't have long to hit the target. One eyebrow raiser is when the report states, "Bugatti is tipped to be gifted to [ex-VW Group Chairman] Ferdinand Piech." Piech fathered the Veyron during his tenure at VW, and it was thought he commissioned the La Voiture Noire, but he's lately stepped so far back from VW that he sold all his shares in the Group. Automobile quoted a senior strategist as saying of money-losing Bentley, "Why invest on a backward-looking enterprise when you can support a trendsetter? A proud history and excellent craftmanship alone don't cut it anymore." We guess no one at Ferrari, McLaren, or even Porsche got that memo. Bentley is reportedly close to being put in time out, and if brand CEO Adrian Hallmark can't right the Crewe ship, the hush-hush Plan B is to prop the Flying B up enough to lure a buyer. As for Lamborghini, caught between two masters at Audi and Porsche, even record-breaking numbers at the Italian supercar maker barely staved off sacrilege. It's said that VW brand CEO Herbert Diess considered putting a 5.0-liter Porsche V8 into the Aventador successor.