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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.

Volkswagen CEO Winterkorn Out, Rebuilding Begins | Autoblog Minute

CEO Dr. Martin Winterkorn resigns amid Volkswagen emissions scandal. The world's top selling automaker must now work to regain public trust. Volkswagen Diesel Vehicles Autoblog Minute Videos Original Video vw diesel scandal martin winterkorn

Who wants to pay a million dollars for a VW Beetle?

The Volkswagen Beetle was always envisioned as a cheap mode of transportation, but now one is being offered for over $1 million by a dealer in the company's home base of Wolfsburg, Germany. So just what makes this Beetle so special? It's not the first one made, and it's not the last one made – but it comes close: This particular example is an Ultima Edicion – one of the final Bugs made in Mexico before production ended even there in 2003. It's decked out in beige with a black fabric interior and none – repeat, none – of the bells and whistles. With less than 75 miles on the odometer, it offers one wealthy buyer the rare opportunity to get an original Beetle (not some modernized incarnation thereof) in factory-fresh condition, which no one has been able to do for over a dozen years now. Does that make it worth the million-euro ($1.1M) asking price? Not if you ask us, no. But then we wouldn't count ourselves among the most dedicated Beetle fanatics out there.