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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.

Ferdinand Piech (1937-2019): The man who made VW global

Towering among his peers, a giant of the auto industry died Sunday night in Rosenheim/Upper Bavaria, Germany. Ferdinand Piech, a grandson of Ferdinand Porsche, who conceived the original Volkswagen in the 1930s, was the most polarizing automotive executive of our times. And one who brought automotive technology further than anyone else. Ferdinand Porsche had a son, Ferdinand (called "Ferry"), and a daughter, Louise, who married the Viennese lawyer Anton Piech. They gave birth to Ferdinand Piech, and his proximity to two Alfa Romeo sports cars — Porsche had done some work for the Italians — and the "Berlin-Rome-Berlin" race car, developed by Porsche himself, gave birth to Piech's interest in cars. After his teachers in Salzburg told his mother he was "too stupid" to attend school there, Piech, who was open about his dyslexia, was sent to a boarding school in Switzerland. He subsequently moved on to Porsche, where he fixed issues with the 904 race car and did major work on the 911. But his greatest project was the Le Mans-winning 917 race car, developed at breathtaking financial cost. It annihilated the competition, but the family had had enough: Amid growing tension among the four cousins working at Porsche and Piech's uncle Ferry, the family decided to pull every family member, except for Ferry, out of their management positions. Piech started his own consultancy business, where he designed the famous five-cylinder diesel for Mercedes-Benz, but quickly moved on to Audi, first as an engineer and then as CEO, where he set out to transform the dull brand into a technology leader. Piech killed the Wankel engine and hammered out a number of ambitious and sophisticated technologies. Among them: The five-cylinder gasoline engine; Quattro all-wheel drive and Audi's fantastic rally successes; and turbocharging, developed with Fritz Indra, whom Piech recruited from Alpina. The Audi 100/200/5000 became the world's fastest production sedan, thanks to their superior aerodynamics. Piech also launched zinc-coated bodies for longevity — and gave diesel technology a decisive boost with the advent of the fast and ultra-efficient TDI engines. Less known: Piech also decided to put larger gas tanks into cars. Customers loved it. Piech's first-generation Audi V8 was met with derision by competitors; it was too obviously based on the 200/5000.

Bentley Mulsanne 6.75 Edition is the sedan's sendoff into retirement

Bentley is closing the latest Mulsanne chapter with 30 examples the Mulsanne 6.75 Edition by Mulliner, celebrating the 61-year-old V8 that first appeared in the 1959 Bentley S2. Once those 30 cars have been built, the name retires for the second time — after being used on a flagship sedan from 1980 to 1992 — and the Flying Spur takes over as the carmaker's top-tier offering. Starting with the 530-horsepower Mulsanne Speed, the 6.75 Edition adds gloss black and bright chrome jewelry, including a dark tint for the Flying B hood ornament, Mulliner radiator, and exhaust finishers. There are also chrome badges, bright machined faces with black pockets for the 21-inch, five-spoke wheels, and welcome lighting that flashes the special edition name. Under the hood, the normally silver intake cover gets dressed in black, and the engine number plaque bears the signature of brand CEO Adrian Hallmark instead of the engine builder. The interior can be specced in four single-color hides, either Beluga, Fireglow, Imperial Blue, or Newmarket Tan. All are automatically contrasted with silver — silver-painted veneer, silver seat piping and silver sheen that shows through the ventilated thrones, an instrument panel in high-gloss Grand Black, and door trim in Dark Engine Spin Aluminum. Other touches to mark the occasion are ventilation controls designed to look like the engine oil cap, cutaway drawings of the engine on the gauges and clock face, and more 6.75 Edition stitching and badging. The carmaker pointed to the end of the 6.75-liter V8 four years ago, but that was when there were plans for a successor to be powered by a new V12. Times having changed, the Flying Spur will lead the way with its 6.0-liter W12 and 4.0-liter V8 engines sourced from Volkswagen, and a hybrid model coming for 2023.  Bentley didn't mention a price for the Mulsanne 6.75 Edition, because of course. But the 2020 Mulsanne Speed starts at $342,300. Start there and add money.