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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.

Bentley producing Grand Convertible in grandiose exclusivity

The Googology wiki that celebrates numbers has entries for 42, 151, SpongeBob's Number, and Three Hundred Billion Gazillion. The wiki has no entry for the number 19, which means it doesn't commemorate Steely Dan's "Hey Nineteen," Paul Hardcastle's song "19," or the official production run of the Bentley Grand Convertible. That's right, the abundant and abundantly luxurious Mulsanne-based Grand Convertible will arrive on public roads in 2019. However, Bentley plans just 19 examples of the droptops, and none of them will come to America; only Europe, the Middle East, and Russia have deemed the Grand Convertible roadworthy. Retail price for the Grand Convertible, as if you could buy one in the store, is said to start at $3.5 million - roughly ten times more than the recently-facelifted Mulsanne Speed donor vehicle. ( YouTube gearhead Shmee150 captured the new production look in video taken this month at the Bentley showroom in Dubai.) Actual prices will surely run much higher since Bentley's Mulliner division will oversee the builds. That means custom two-tone colors, shape-shifting diamond quilting inside, Beluga leather, color-matched contrast stitching, and a Burr Walnut tonneau that's the largest veneer ever used on a Bentley. All of that comes before appending every fanciful option an owner consents to fund. Why the wee production run, when Bentley could certainly sell more than 19 specimens? Walter Owen Bentley founded his car company in August, 1919. Even though Walter's first Bentley 3-Litre didn't arrive until 1921, the 19 Grand Convertibles honor the centenary of the company's official founding. Bentley foreshadowed the minuscule production last year, though in a different guise: in March 2016, when Bentley CEO Wolfgang Duerheimer suggested the return of the Azure convertible, the boss said a potential Azure "would be built in [a batch of] 20 units and sold to absolute connoisseurs at a very high price." Give or take a digit, sounds like promises kept. Related Video:

Here's today's round of auto plant closures in response to coronavirus

More automakers have shuttered factories, as businesses everywhere work to slow the spread of the Covid-19 coronavirus — and as the pandemic slows sales and disrupts parts supply chains. On Friday, the following closures were announced: • Volvo will close its factories in Sweden and the United States from March 26 to April 14. Volvo's U.S. facility, in Charleston, South Carolina, makes the S60 sedan. Its assembly plant in Torslanda, Sweden, turns out the XC90, SC60, and V90. Other Swedish facilities make engines and component parts. A Volvo factory in Ghent, Belgium, that builds the XC40 and V60 closed earlier this week and is expected to remain offline until April 6. Volvo's four factories in China have been reopened after a shutdown earlier this year. • Jaguar Land Rover announced that it will suspend production at its assembly plants in the UK over the coming week. The shutdown is expected to last until April 20. Elsewhere, production continues at the company's factories in India and Brazil, and JLR's joint-venture plant in China reopened at the end of February. • Bentley is closing its factory in Crewe, England, for four weeks, effective today. • Bugatti has put its atelier in Molsheim, France, on hiatus. No date was given for when assembly of its supercars might resume. • Mercedes-Benz on Monday will shut down its SUV factory in Alabama and its van assembly plant in South Carolina. Both will remain closed for a minimum of two weeks. Tesla yesterday revealed that it will suspend operations at its Fremont, California, vehicle assembly plant next week, on order from local officials there. Yesterday's factory closure announcements also included the U.S. assembly plants for Toyota (until April 6), Volkswagen (through March 29), Subaru (through March 29), and Hyundai (no time period specified). They join GM, Ford, Chrysler, Honda, Nissan, and Harley-Davidson, which earlier this week announced the suspension of production at their facilities. Plants/Manufacturing Bentley Bugatti Jaguar Land Rover Mercedes-Benz Volvo coronavirus