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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.

Crash sends race car driver sliding into first place

A Belgian race car driver won an unexpected victory at the 2016 FIA GT World Cup race last weekend when he slid to victory on the roof of his car. According to Motorsport.com, this year's FIA GT World Cup race at the Macau Guia race track in Macau was more accident prone than usual. The race had already been delayed by one crash earlier in the day when Belgian driver Laurens Vanthoor went into Mandarin Bend too hot chasing Porsche driver Earl Bamber, to whom Vanthoor had just lost his lead. Vanthoor's Audi clipped a wall at about 155 miles per hour causing his car to flipped on to its roof and continued down the straightaway at speed. Thankfully, despite the speed and violence of the crash, Vanthoor escaped mostly unscathed. Officials immediately red-flagged the race and, because of delays caused by the earlier crash, the race was called. Since the race was canceled, officials performed a countback on the previous lap's results and declared Vanthoor the winner despite the fact that he finished upside down. In the aftermath, a shaken Vanthoor questioned whether or not he deserved to win. "I don't really know if I deserved it in a way, as I crashed and made a mistake and I am still a winner – which is very awkward," Vanthoor told Motorsport. "But I don't really know what to say. It would have been a better show for everybody without the crash and a better victory, but I don't know what to think about it." Related Video: News Source: Motorsport.com Auto News Weird Car News Audi Porsche fia macau red flag

2013 Audi S3

Coming Soon To Our Shores With Two More Doors And A Trunk
The Audi S3 is not exactly a sales juggernaut, despite it being a bit of a legend for passionate fans of the small German premium genre. In most markets outside of Europe, people may consider such setups as the S3 three-door tested here, look at the price, and then think maybe they should just get a nice A4 sedan with greater practicality for similar cash. That certainly has been one reason Audi has never officially brought the S3 hatchback to the United States. And the 335-horsepower RS3 Sportback? Forget about it nearly everywhere but in Germanic regions, Switzerland and the UK.
All of which automatically turns the new S3 hatchback into an unattainable object of desire for many fans of the four-ringed brand. The good news, of course, for many markets not on the three-door or S3's dance card is that most of us will get a shot at buying the new S3 sedan that will be powered by the same drivetrain tested here. We reported heavily on the sedan version from the recent New York Auto Show and are convinced that there is much for North American shoppers to like.