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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.

BMW, VW partner with ChargePoint for high-speed charging network

To promote their plug-in electric vehicles, a number of electric vehicle makers are working overtime to get a charging infrastructure set up. Tesla is famously setting up a network of Superchargers around the world, and today BMW and VW have announced they are partnering with ChargePoint to install almost 100 DC Fast Chargers up and down the US coasts. Installing additional Level 2 chargers is also part of the plan. The new DC Fast Chargers will offer the SAE Combo connectors, which is available on both the e-Golf and the i3. The fast chargers will have "up to two 50 kW DC Fast chargers, or 24 kW DC Combo Fast chargers," BMW says. They will be installed roughly 50 miles apart between Boston and Washington, DC in the east as well as Portland, San Francisco, Los Angeles and San Diego in the west. The 24-kW DC Fast Chargers will fill up an empty i3 or e-Golf to 80 percent in a half-hour or 3.5-4 hours from the Level 2 cords. Speaking at an announcement ceremony at the Washington Auto Show today, ChargePoint CEO Pasquale Romano said that infrastructure investments like this will get more people to realize that they can use an electric vehicle as their only car, and Jorg Sommer, VP of product marketing and strategy for VW North America, said that it's clear that, "The EV is perfect for the daily driver." BMW, Volkswagen and ChargePoint Join Forces to Create Electric Vehicle Express Charging Corridors on the East and West Coasts. · A goal of nearly 100 DC Fast charging ports will be installed to support long distance and metropolitan electric vehicle travel with the BMW i3, Volkswagen e-Golf and other electric cars, along heavily trafficked corridors on both coasts, supported by Level 2 chargers. · These publicly available charging stations will be added to the existing ChargePoint network and can be easily accessed using a ChargePoint® or ChargeNow card. Washington, D.C., January 22, 2015 – At the 2015 Washington Auto Show, two of the top automakers, BMW of North America and Volkswagen of America, together with ChargePoint, the largest electric vehicle charging network, announced an initiative to create express charging corridors along heavily-traveled routes on the East and West Coasts.

Skoda plans big investment into electric cars as part of rebound effort

PRAGUE — Czech carmaker Skoda, part of the Volkswagen Group, said on Wednesday it would invest around 2.5 billion euros over the next five years on future technologies, with more than half going to electric vehicle investment. The Czech Republic's largest exporter is hoping for a rebound in 2021 from a global car sales drop but faces uncertainty over the coronavirus pandemic and a semiconductor shortage rattling the industry. "This year is likely to be another big challenge," finance director Klaus-Dieter Schuermann said. "We expect Skoda Auto's group performance to improve, with sales revenue significantly above the level of last year." Skoda reported on Wednesday a 54.5% drop in 2020 operating to 756 million euros ($894 million). Sales revenue dropped 13.8% to 17.1 billion euros. Global deliveries remained above 1 million cars for a seventh straight year despite a 19% drop after production outages at the outset of the pandemic and a fall in China, its biggest single market. Chief Executive Thomas Shaefer said the car company was managing the semiconductor shortage "but it will follow us for awhile" and the impact was not visible yet. Skoda's core market in Europe would be electric in the future, Shaefer said, although it was still not time to completely switch away from traditional models, which include the launch last year of a new generation of its flagship Octavia model. It has also started production of the all-electric Enyaq iV model, which is a version of Volkswagen's ID.4. Skoda plans investments of 1.4 billion euros into electromobility development as part of its five-year investment plan. Investments will also go into digitalization activities and plant modernization. Related video: Green Volkswagen Skoda Electric