2010 Volkswagen Passat Komfort One Owner Low Miles Automatic Bluetooth Warranty on 2040-cars

Auto blog

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.

Automakers suspend some business in Russia following invasion

These Russian GAZ Tigr infantry mobility vehicles were destroyed by Ukrainian fighters in Kharkiv on Monday. (Getty Images)   Global auto and truck makers, including Sweden's Volvo Cars and Germany's Daimler Truck, on Monday suspended some business in Russia following that country's invasion of Ukraine. Russian forces invaded Ukraine last week, marking the biggest attack by one state against another in Europe since World War II. Many firms have idled operations in Russia following Western sanctions against Russia. Energy giant BP Plc, Russia's biggest foreign investor, abruptly announced over the weekend it was abandoning its 20% stake in state-controlled Rosneft at a cost of up to $25 billion. On Monday, Swedish automaker Volvo Cars said it would suspend car shipments to the Russian market until further notice, becoming the first international automaker to do so as sanctions over the invasion continue to bite. In a statement, the company said it had made the decision because of "potential risks associated with trading material with Russia, including the sanctions imposed by the EU and US." "Volvo Cars will not deliver any cars to the Russian market until further notice," it said. A Volvo spokesman said the carmaker exports vehicles to Russia from plants in Sweden, China and the United States. This came as Russia warned Sweden and Finland not to join NATO or risk facing “serious military-political consequences." Volvo sold around 9,000 cars in Russia in 2021, based on industry data. Earlier on Monday, RIA news agency reported Volkswagen had temporarily suspended deliveries of cars already in Russia to local dealerships, citing a company statement. VW had no immediate comment when contacted by Reuters. VW previously said it would halt production for a few days this week at two German factories after a delay in getting parts made in Ukraine. Daimler Truck said on Monday it would freeze its business activities in Russia with immediate effect, including its cooperation with Russian truck maker Kamaz. Mercedes-Benz Group is also looking into legal options to divest its 15% stake in Kamaz as quickly as possible, the Handelsblatt newspaper reported. A Mercedes spokesperson told Reuters business activities would have to be re-evaluated in light of the current events. Mercedes-Benz Group, formerly Daimler AG, was the parent company of Daimler Truck before the truck maker was spun off.

Next VW GTI to get 10-speed dual-clutch gearbox

Following on Volkswagen's official announcement that it was working on a ten-speed, dual-clutch transmission, Auto Express has it on "good authority" that the new transmission will end up in the next GTI, GTD and Golf R. The brand's current seven-speed will be retained for lesser eight-generation Golfs. While the new gearbox won't be limited to just the higher-end Golf range, the new hatchback, expected in 2017, will be the first to get it, Auto Express reports. The new DSG is the same size as the Volkswagen Group's seven-speed dual-clutch, and will easily fit into VAG's MQB platform, so we should expect it to filter into the rest of the Group's vehicles, much like the seven-speed 'box has. The ten-speed is likely to see applications beyond even the small cars of the MQB platform. The gearbox can handle 405 pound-feet of torque, according to AE, making its application in larger offerings such as the gas-powered MLB cars and crossovers a likelihood. Beyond the new gearbox, Volkswagen is also toying with mild-hybrid tech for the standard Golf and better batteries for the e-Golf. As we said, expect the new Golf to arrive in European markets in 2017, with the current Euro-market Golf getting updated next year. As for the US, we wouldn't be surprised if VW followed the trail blazed by the Mark 7, with a North American arrival for the eight-gem Golf slated for a year or so after sales in Europe begin.