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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.

Car-crazy 5-year-old boy writes automakers for treasures, gets big response

Part of the beauty of children is that they can find worth in something adults might deem unworthy or overlook entirely. Five-year-old Patch Hurty didn't see garbage or a broken piece of a car when he spotted a Ford badge lying on the side of a road. He saw an artifact, a souvenir, a start to a collection he could only dream of. Ezra Dyer of Popular Mechanics tells the story of Patch and his quest to turn that one lost badge into a museum of manufacturer logos. According to the article, Hurty is a car fanatic through and through, even using car names as a way of learning to read. After finding the Ford badge near his Connecticut home, he and his mom put together a plan to reach out to dozens of automakers, confessing his love of things on four wheels. In each letter, Patch assembled a picture of himself standing next to one of the cars, and a penny to pay for whatever he hoped was sent his way. The response was unexpectedly and overwhelmingly positive. Of the more than 50 letters he sent out, including to obscure or defunct companies such as Bugatti, Suzuki, and Saturn, a majority responded with warm notes and some type of souvenir. Two of the coolest responses came from Lincoln and Bentley. Lincoln sent a sketch of a Continental (all car lovers enjoy drawing cars, right?), and Bentley sent a wheel center cap. How awesome is that? The story reminds us of something that can easily be lost in all of the negativity involved with the auto industry: Everybody is in this because of a common infatuation with automobiles. For more details on the souvenirs Patch received and accompanying photos, read the rest of the story. Related Video: News Source: Popular Mechanics Read This Bentley Bugatti Ford Lincoln Saturn Suzuki

Bentley Bentayga by Mulliner is a one-off special edition with ties to horse racing

Not long ago, we featured the Bentley Bentayga Field Sports by Mulliner, Bentley's even more lavish companion that often adds a special touch to production Bentleys; earlier on, there was even a version aimed at falconers. Here's another one-off Bentayga special edition that looks just as ostentatious, simply called the Bentayga by Mulliner. Bentley says this Mulliner version has been inspired by horse racing, and it's been created to commemorate Bentley's partnership with racetrack operator The Jockey Club at the Cheltenham Festival. It has to be said, the Bentayga looks far better by itself than towing a horse box on the highway. The paintwork is a variation on British Racing Green, on this occasion called Spruce, and the cabin has been finished with a combination of saddle-colored leather on the seats and special tweed on the doors. The veneer is burr walnut, treated to resemble woodwork at The Jockey Club's private rooms, and branded Mulliner. As well as Cheltenham Racecourse, The Jockey Club operates 14 other horse racing venues in the UK, and it was founded all the way back in 1750. The 21" wheels on the Bentayga by Mulliner are the same, partially black ones that were fitted on the Field Sports. Related Video: Featured Gallery Bentley Bentayga by Mulliner Image Credit: Bentley Auto News Aftermarket Bentley SUV Luxury bentley bentayga Mulliner