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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.

Race Recap: 2013 Griffin King of the Hammers, and notes from a dry lake bed [w/video]

It was a local guy from 90 miles away who beat them all...
The image above shows 129 Ultra4 racing rigs lined up for the start of the 2013 Griffin King of the Hammers. In case you missed Part One that explains why they're there and why they might be doing the most difficult and absurd one-day off-road race in the world, check it out. After a week of races in other events and two days of qualifying for the big show, the men and women who made it in were lined up to do three laps of a course around the 140,000-acre Johnson Valley OHV area in California's San Bernardino County.

TRANSLOGIC 148: Audi A3 Sportback E-Tron

We get an early drive of Audi's first plug-in vehicle for the U.S. market, the A3 Sportback E-Tron PHEV. Part of Audi's all-new A3 lineup, the Sportback E-Tron boasts an estimated electric driving range of about 30 miles at speeds up to 80 miles per hour. Find out what the future holds for Audi and their E-Tron vehicles.