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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.

Barrett-Jackson 2014: Simon Cowell's 2008 Bugatti Veyron is a $1.375M certified pre-owned car [w/video]

For a man who's best known for being mean to aspiring singers, Simon Cowell sure seems to garner lots of attention. While Cowell himself didn't make an appearance at Barrett-Jackson, his black on black Bugatti Veyron did, and bidding on it ended with a final sale price of $1.375 million.
Somewhat interestingly, this is the first certified pre-owned Bugatti sold through a new factory program. It includes a full one-year warranty, which must give its new owner some comfort. According to the auction company, Cowell has put 1,300 miles on this particular Veyron. See for yourself in our high-res image gallery above, and scroll down below for a video showing the live auction and the official auction description.

Bugatti begins testing the most expensive new car ever sold

Bugatti has started testing the La Voiture Noire, a stunning one-off unveiled at the 2019 edition of the Geneva auto show. The coupe will be street-legal, so it needs to go through the same tests as a regular-production model. Photos posted on social media show what looks like a La Voiture Noire prototype undergoing a series of evaluations. It's getting sprayed by thousands of gallons of water to ensure it's water-tight, and it's being put through its paces at high speeds on a test track. Bugatti said it has invested over 65,000 engineering hours into the project. The effort put into fine-tuning the La Voiture Noire shows it's much more than merely a rebodied Chiron. While the two cars are mechanically related, the La Voiture Noire wears a specific design penned as a tribute to the Type 57 SC Atlantic built between 1936 and 1938, and all of its exterior panels are new. And yet, it needs to meet the same quality standards as a series-produced car, which explains why putting it on the road is easier said than done. That's also why an anonymous collector paid nearly $19 million including taxes and other fees for the right to own it. One of the Chiron-sourced bits underneath the body is Bugatti's mighty, 8.0-liter W16 engine. It relies on four turbos to develop 1,479 horsepower and 1,180 pound-feet of torque, and it spins the four wheels via a 7-speed automatic transmission. Performance specifications haven't been released yet, but there's no doubt it will be damn quick. Bugatti began delivering the Divo in 2020. It will send the La Voiture Noire to its enigmatic new home in 2021, and Centodieci deliveries are scheduled to start in 2022. Executives have often stated their intention to jump-start the coachbuilding industry, so we're hoping the brand releases additional one- and few-off projects in the coming years. Related Video: Bugatti Chiron Sport Les Legendes du Ciel revealed