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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.

Ares Design Coupe for the Bentley Mulsanne is the grand tourer we dream about

Bentley exited the grand coupe business when it made the last of 550 Brooklands models in 2011. The UK carmaker said it will make 19 examples of the Mulsanne Grand Convertible, but that doesn't count as a coupe. So when a U.S. Mulsanne owner wanted his Bentley with a roof but a touch less four-door-y, he went to Italian coachbuilders Ares Design. And not only did Ares do the thing, they did it magnificently. The resulting two-door is called the Ares Design Coupe for the Bentley Mulsanne, and the first of them was just handed over in Beverly Hills in time for a Pebble Beach appearance. Modena-based Ares started with a three-dimensional scan of the sedan, then reworked that CAD file into the coupe they sought by changing just about everything behind the A-pillars. A reprofiled roof replaces the old one, and it falls into a new backlight and longer rear decklid. The engineers moved the B-pillars rearward to install longer front doors, and fabricated new side impact protection for the portals and rear quarter panels. New chrome surrounds on the windows maintain the look as if from Crewe. Yet because the roof and doors are made from carbon fiber, they contribute to the coupe's 992-pound overall weight loss compared to the donor four-door. Inside, Ares replaced the front seats with more rakish thrones, redesigned the interior trim panels to flow with the body style, and matched the wood and leather as if all were factory original. Under the unchanged hood, a tuned ECU means the 6.75-liter twin-turbo V8 produces more than 591 horsepower and 811 pound-feet of torque, both healthy improvements on the stock 505 hp and 752 lb-ft. Completing the transformation, the coupe sits 20 millimeters lower on "a sportier suspension." One report said that a friend of the California owner likes the car so much that a second two-door has already been commissioned. Ares charges $460,000 for the service, to start, and it takes about six weeks. And no, that price doesn't include the donor Bentley. However, that's a lot less than Bentley would charge to make the swap, since the carmaker won't make the actual car. The Italian firm said it wants to keep volumes "ultra-low," yet, "As long as [Bentley] don't make one, we will continue." Although we haven't spoken much of Ares here outside of their Tesla Model S wagon, the firm led by ex- Lotus boss Dany Bahar has kept busy in its four years of operation.

Audi's Project Artemis woes could delay range of VW Group EVs

Two years ago, Audi's then new CEO Markus Duesmann announced his first big initiative called Project Artemis. The plan's marquee component is "to implement a new lighthouse project for Audi in record time," being "a highly efficient electric car scheduled to be on the road as early as 2024" on a brand new platform that would be shared with Porsche and Bentley. An ex-VW and -Porsche man named Alex Hitzinger, who'd also spent time at Apple working on the tech company's electric car, was brought on board to lead Project Artemis and come up with new ideas. Parent Volkswagen Group said it wanted to become "as agile as in a racing team," removing the bureaucratic molasses and bottlenecks interfering with getting the best product on the road in the best time. However, in any grand venture, failure comes before success. Automobilwoche reports that Artemis is struggling through issues large enough to push the product plans back by years. The issue, as it was with the ID.3 lineup on the eve of that car's launch, is software. Well, that's the latest, largest problem; Artemis has already been through copious struggles before getting to the software bit. Two months after Hitzinger came on, in December 2020, VW raised its EV volume target from 50% to 70% by 2030. That necessitated a rethink of the VW Group's entire platform strategy considering the far greater production scale. Hitzinger only lasted six months in the job, ousted in May 2021, supposedly because Audi believed his ideas were "not suitable for profitable series production" among other reasons. By that time, the pace of software development was already said to be six months behind schedule, with the Car.Software division working on VW.OS 2.0 "not yet running at the speed hoped for." Internal frictions were noteworthy and costly as well. VW's commercial division plant in Hanover was meant to build Artemis vehicles for Audi, Porsche and Bentley, but Automobilwoche reported in January of this year that Porsche paid a ""small three-digit million amount" — like $100 million or so — to get out of the deal mandating its vehicles come from the Hanover facility.    So Audi effectively brought Artemis in-house to lead vehicle development, and Car.Software turned into Cariad to get VW.OS and VW.AC, which stands for Automotive Cloud, to market.  The first Audi vehicle under Project Artemis was planned to arrive by the end of 2024, a production version of the Grandsphere concept.