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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.

VW to pay $1B in settlement with US government over V6 diesels

Volkswagen and the US government have come to a settlement for the civil claims against the automaker's 3.0-liter, diesel V6s. Over 83,000 V6 TDI-powered models are currently prowling US roads in violation of emissions laws. The settlement allows VW to recall over 75 percent of its cheating V6 diesels – about 63,000 units – and bring them into compliance. These represent newer VW Touaregs, Audi A6, A7, A8, Q5, and Q7s, and Porsche Cayennes built between 2013 and 2016. According to the company, the recall will bring these so-called Generation Two engines up to emissions specs, provided the EPA and CARB okay the modifications. Should the regulators say no to VW's tweaks, the company will buy back or terminate leases with the affected owners. For older V6 TDIs built between 2009 and 2012, Volkswagen will do broadly the same thing, only in reverse. It will lead with buy backs of older Touaregs and Q7s – the only vehicles the company sold with the earlier engines – but could offer fixes if EPA/CARB give the okay. As part of its agreement over the emissions-cheating V6s, Volkswagen will contribute $225 million to the "environmental remediation trust" it established as part of its settlement over cheating 2.0-liter TDIs. VW is also on the hook for $25 million with CARB, bringing the total for the six-cylinder part of its emissions cheating scandal to around $1 billion, Automotive News reports. This initial agreement still needs approval from US District Court Judge Charles Breyer. Related Video:

Evo pits BMW M3 against Porsche Macan in drag battle

If you want to move five passengers in very rapid fashion and you've got a $75,000 budget, two newly introduced four-door models immediately come to mind - both are the highest performing vehicles in their respective segments. But which is faster off the line, to the 60-mile-per-hour benchmark or flat-out over an even longer run? Evo took both to paved aircraft runway to find out.
In lane one we've got the all-new Porsche Macan Turbo, which boasts a twin-turbocharged, 3.6-liter V6 rated at 400 horsepower and 406 pound-feet of torque. The Porsche is fitted with a seven-speed, dual-clutch gearbox, and the 4,244-pound crossover has the traction advantage of standard all-wheel drive. In lane two is the all-new BMW M3, powered by a twin-turbo 3.0-liter inline-six rated at 425 horsepower and 406 pound-feet of torque. It is also equipped with a seven-speed, dual-clutch gearbox, but only the rear wheels of the 3,595-pound sedan are driven. Both the BMW and Porsche arrive with launch control, which helps to remove driver error off the line.
Which automaker's launch control system is better off the line? Does all-wheel-drive grip give the crossover the advantage it needs to overcome its adversary's power-to-weight advantage? Will aerodynamics factor into the results? Which would you put in your garage, and why? The video may surprise you.