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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 opens new HQ, experience center in Atlanta

Next time you're flying into the Hartsfield-Jackson Atlanta International Airport, keep an eye out for some great architecture with sports car racing around it. Porsche just spent $100 million, its largest investment ever outside of Germany, to open a new Experience Center and headquarters on the Northeast corner of the airport. The 27-acre site is designed for both work and play, and it's a Porsche fan's dream. The high point for drivers is the 1.6-mile Driver Development Track. The course includes six distinct sections, like an off-road course to get muddy and the only Kick Plate in North America to practice hanging the car's tail out. When not speeding around, visitors can check out the brand's classic cars on display and some art inspired by those machines. There's also a conference center and a place for fine dining called Restaurant 356. Porsche expects 30,000 people a year to check out the new site. Porsche Cars North America has been headquartered in Atlanta since 1998. However, the new construction puts many of its divisions under one roof, including the people working in financial services and consulting. Editor-in-Chief Mike Austin is visiting One Porsche Drive right now, and reports that the company is also building an experience center in Los Angeles and a flagship dealer in New York. Porsche is also working on experience centers in Le Mans and Shanghai, with plans to expand into Moscow and Istanbul, as well. Get a good look at the whole site in the gallery above. Related Video: Porsche Opens New $100 Million Experience Center and Headquarters in Atlanta News Release May 7, 2015 No. 55/15 Largest investment for Porsche outside Germany features industry-first facility in North America complete with dynamic track, classic car gallery, restoration center, event space, and fine dining restaurant Atlanta. Porsche Cars North America today officially opened its new $100 million Porsche Experience Center (PEC) and headquarters in Atlanta. The 27-acre complex located at the Northeast corner of Hartsfield-Jackson Atlanta International Airport is the largest investment ever outside Germany for the sports car manufacturer. The industry-first facility is complete with a driver development track, classic car gallery, restoration center, human performance center, driving simulator lab and a fine dining restaurant. A state-of-the-art business center features 13,000 square feet of conference and event space.

Mark Webber gets early clearance for Porsche departure

If there's no rest for the wicked, there's surely even less rest for the wickedly fast. And make no mistake about it, Mark Webber is wickedly fast. He may not have proven able (or given the opportunity, depending on who you ask) to emerge from Sebastian Vettel's shadow after six seasons partnered with the multiple world champion at Red Bull Racing, but he's still won nine Formula One grands prix, to say nothing of the sports car races he won with Mercedes in the late 90s. But now he's leaving F1 to anchor Porsche's new LMP1 program, and according to the latest reports, he's departing Red Bull for Porsche sooner than expected.
Typically an F1 driver is obliged to stay with his team until the end of the calendar year - not just the end of the racing season - helping out with things like promotional events and fine-tuning next year's car. But news.com.au reports that Red Bull has given him early leave, so once the racing action in Brazil is done on Sunday, he's departing straight for Porsche's racing headquarters in Wiessach, Germany.
It won't be Webber's first visit to the facility, having already swung by to have his new seat fitted. But his early arrival will undoubtedly help him and Porsche get up and running ahead of schedule. The move may have been facilitated by a new sponsorship deal that could see Webber carry Red Bull with him to Le Mans, so don't be too surprised to see the energy drink company's logo on the side of the new Porsche once the new racing season gets under way next year, whether in concert with or instead of the anticipated revival of the Martini Racing livery.