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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.

Build your dream garage with this insane prize from Omaze

Autoblog may receive a share from purchases made via links on this page. Pricing and availability is subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze. Normally when we write about Omaze sweepstakes, they involve a car that you'd never go out and buy on your own. A six-figure camper van build, a $300,000 Ford Bronco restoration, a Land Rover Defender that's so beautiful it should be in a museum. Today's prize might beat out all of those, because not only could you win a dream car, you'll be entered for a chance to win $100k cash to go along with it.  There are a lot of cars you can buy with $100k. You could buy a Land Cruiser Heritage Edition or a Mustang GT500 or 6 Chevy Sparks and start your own racing series. Personally, if I won that kind of dough, assuming I also won this Bentley Bentayga, my favorite of Omaze's current offerings, I'd probably use some of it to buy something quirky, like a Honda Element converted into a pop-top camper, or a restored/upgraded 60 series Land Cruiser. Think that's a terrible way to spend the cash? That's the beauty of it. It is completely up to you. No one can tell you what to do with it. Except maybe your spouse.  Here are our favorite vehicle giveaways we’ve found online this week: 2021 Ford Mustang Mach-E GT Performance Edition - Enter at Omaze Regardless of what you think about Ford using the name Mustang for an electric crossover, one thing is for certain, the Mustang Mach-E GT is an impressive piece of machinery. Here are some numbers for you: 480 horsepower, 634 lb-ft of torque, 0-60 in 3.5 seconds and 260 miles of range. Price? Well, thatÂ’s really up to you, because if you enter to win this Mach-E GT. it can be as low as $0. Here are the specs of the Mach-E in question, according to Omaze: Maximum Seating: 5 Engine: fully electric motors Drivetrain: eAWD Exterior Color: Rapid Red Metallic   Interior Color: Black Maximum Horsepower: 480 hp  Maximum Torque: 634 lb-ft Acceleration: 0-60 in 3.5 seconds Range: 235 miles Approximate Retail Value: $75,500 Cash Alt: $56,625 Special Features: GT Performance Edition; panoramic fixed-glass roof; Ford Co-Pilot360™ Active 2.0 and 360-degree camera; Brembo brakes; RTR Design Package including 20” RTR Aero 5 wheels, Nitto NT555 G2 tires and RTR Speed Block graphics Win a Restored 1969 Pontiac GTO - Enter at Omaze Joel Stocksdale, News Editor: There are an awful lot of ways to build a restomod.

Woman rushing to pub nearly causes head-on collision

A woman in a rush to pick up her husband from a local pub caused this close call on a street in England this weekend. The near miss happened on Sunday on the B1253 between Rudston and Bridlington, East Yorkshire, England. A Porsche Cayenne driver attempted to overtake a blue Citroen on a blind curve but didn't see the white Skoda in oncoming traffic. Thanks to the Skoda driver's quick maneuvering on to the grassy shoulder the Cayenne only caused minor damage to the other two cars. Damian Hodgson is the owner of the dashboard camera who was behind the blue Citroen. After the close call Hodgson first stopped to check on the Skoda driver. Driver and car were okay, but a 10-year-old girl in the front seat was in tears. Hodgson then made his way down the road where the Porsche driver was speaking to the Citroen driver. He said the Porsche's driver gave some pretty lame reasons for putting so many people's lives in danger. "She said she was picking her husband up from the pub and was wearing a pair of slippers - but it's no excuse to be overtaking on a blind bend," Hodgson told the Mirror. "She did tell me she always overtakes at that spot though." Hodgson picked up the dashcam after a crash while on vacation in Florida last month. He offered the footage to both the drivers of the Skoda and the Citroen, but both declined. Hodgson told the Mirror that he hopes some good comes from the incident. "If anything comes of this, it is hopefully that the lady Porsche driver has learned a lesson and she will not put others in danger again." Related Video: News Source: The Mirror Weird Car News Porsche Citroen Skoda Driving Safety dashboard camera near miss