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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.

Audi A0 in development based on VW Up!

Bigger, it seems, is no longer better. Volkswagen has made waves with its Up! city car, a plucky three-door that's been a bit of a hit since it burst onto the automotive scene, spawning a number of variants during its short life. And while our European friends have gotten a Cross Up!, a commercial version, an EV model, Seat- and Skoda-badged variants, and a rumored diesel-electric Twin-Up!, the small city car has been lacking in terms of its premium content.
That fact makes this rumor rather tantalizing - Audi might be working on its own version of the front-engined, front-drive city car, to be called the A0. The report comes from AutoExpress, which claims Audi CEO Rupert Stadler wants a premium Up! that features a distinctive interior and exterior treatment.
Changes could include a trapezoidal grille, in addition to premium exterior features like LED lighting and alloy wheels. The cabin would feature leather and likely a version of Audi's MMI infotainment system, while power would come from a 109-horsepower, 1.0-liter engine found in the Up! GT Concept.

Porsche, Audi team up for tech: autonomy, EVs, hybrids and more

Porsche and Audi have been working on a number of important technologies for future vehicles. The two luxury automakers, both part of the Volkswagen Group, have mostly appeared to guard the space between their brands despite some shared engines and a platform. While their goals may not always overlap – Porsche has shied away from fully autonomous driving, for instance ­– the two brands have decided they could move more quickly into their respective futures by putting their heads together. In that spirit, Audi and Porsche are partnering up for a "shared vehicle architecture strategy of the future." This collaboration will focus on future mobility, including the development electrification, digitization, and autonomous driving technology. And the teams have knowledge and resources to share with one another. Porsche is moving fast with electrification, adding more hybrid systems to its models and preparing to launch the ultra-fast-charging Mission E electric car. Audi has been pursuing autonomous driving, connected vehicle and V2X tech, and Shared Fleet programs. Combining the best and brightest of both companies should help accelerate R&D. Even if one or the other company doesn't put all of the co-developed technologies into its vehicles, they'll both be learning the lessons, and sharing resources should help keep costs in check. "We will cooperate wherever it makes sense," says Porsche Board of Management Chairman Oliver Blume. "But we will also be very careful to maintain the differentiation between our brands. A Porsche is always a Porsche, and that will remain so in the future." Detail are still scarce, but Audi and Porsche will pin down a more a more specific sharing strategy as they develop their plan through 2025. While the cars continue to look and drive differently, expect Porsche and Audi to share more components and digital capabilities moving forward. Related Video: