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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.

The next-gen Bentley Continental GT takes a page from Porsche

The way things look to be shaping up, changes to the Bentley Continental GT's styling are going to be like changes to the Porsche 911: minor modifications to a firmly established formula. It seems Bentley customers like a certain style, and, as shown by the Bentayga SUV, Bentley is willing to twist that design into any shape. German influence from the parent company has apparently taken hold in Crewe. The new model takes a lot of influence from the EXP10 Speed 6 concept that debuted nearly two years ago. The profile looks the same, but the new car appears more muscular than the current model, with sharp lines that carry from the fender through the doors. All of the requisite curves are present, just tightened up a little. Despite the camouflage, we can tell that the Continental GT will retain its four round lights up front, similar to the EXP10 Speed 6. The LED ring can be seen through the covering on the coupe, while the convertible has even less camo. Out back, little has changed. The oval tail lights still match the exhaust tips, and the coupe's fastback roofline still ends at the rear bumper. The trunk lid now sits flush with the rest of the bodywork, but other than that, there will be no mistaking this for anything other than a Bentley Continental GT. Likewise, changes to the Continental GTC convertible have been minor. We don't yet know when the car will debut or what will rest under the hood, but expect turbocharged eight- and twelve-cylinder power once again. Don't rule out some form of electrification, given the new Bentley shares a platform with the Porsche Panamera 4 E-Hybrid. Related Video: Featured Gallery 2018 Bentley Continental GT and GTC spy shots View 27 Photos Image Credit: CarPix Design/Style Spy Photos Bentley Coupe Luxury Performance

Lamborghini could be sold or spun off from the Volkswagen Group

Volkswagen is reportedly considering a sale or stock listing for its high-end Lamborghini brand. The German automaker is looking to fold the Italian supercar brand into a separate legal entity, reports Bloomberg, which cites "people familiar with the matter" who don't want to be identified "because the deliberations are confidential and no decisions have been made." Any of this sound familiar? The goal of spinning off Lamborghini would be to stockpile more cash and other resources for VW's massive planned push into electric vehicles. Back in March, reports circulated that Volkswagen's "Vision 2030" corporate plan might include plans to focus on the brand's core brands — VW, Audi and Porsche. That means the futures of fringe players like Lamborghini, Bentley, Bugatti, motorcycle brand Ducati and design firm Italdesign (and note this isn't a comprehensive list of brand's under the expansive VW Group umbrella) are up in the air. VW, according to the report, is targeting a market value of $220 billion, which is a big jump from the brand's current $89 billion valuation. Bloomberg pegged Lamborghini's valuation at around $11 billion back in August, buoyed by sales and profits generated by the introduction of the Urus sport utility vehicle. On the flip side, Lamborghini is currently grappling with how best to update its supercar lineup in the face of ever-increasing emissions regulations.