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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.

The Bentley Mulsanne exits the stage as production ends

Bentley is done with the Mulsanne. The one you’re looking at here is the penultimate car to come out of the factory in Crewe, Cheshire, England. Apparently, the owner of the last one is rather secretive and wants to keep their car under wraps. That being the case, Bentley has surrounded this Tungsten and Rose Gold Mulsanne with all the pomp and circumstance one would expect from the end of an era at Bentley. At least, as much as the pandemic will allow. Bentley employees are pictured here next to the car, standing apart with masks on. ItÂ’s one of the Mulsanne 6.75 Edition cars Bentley previously announced, which the company limited to just 30 units. The end of the Mulsanne also means the end of the 6.75-liter V8 at Bentley. We gave that engine its own sendoff post, but needless to say, the engine series is an old one and can be traced back to 1959. BentleyÂ’s Mulsanne is much less old. This flagship sedan was introduced at Pebble Beach in 2009, and has been in production ever since. Bentley has given it a couple rounds of updates, with the addition of the faster Mulsanne Speed in 2015, along with a design and tech refresh in 2016. Bentley built just over 7,300 total Mulsannes, and itÂ’s released a few eye-popping production stats. In the end, about 700 people were part of the production process to build the Mulsanne, putting in nearly 3 million total hours. Over a million total hours have been spent creating the interiors, and nearly 90,000 hours have been spent polishing the cars.  “I am immensely proud of the hundreds of designers, engineers and craftspeople that brought the Mulsanne to life over the last 10 years,” said Adrian Hallmark, Bentley CEO. “Now, as we begin BentleyÂ’s journey to define the future of sustainable luxury mobility through our Beyond100 strategy, the role of Bentley flagship is passed to the new Flying Spur.” ThatÂ’s right, the Flying Spur is the new flagship for the time being. Though, the latest rumors point to Bentley making a gigantic SUV as its future flagship vehicle to properly replace the Mulsanne. Is anybody surprised? Related video:

Bentley teases new Flying Spur sedan

Bentley has released another teaser video for its redesigned Flying Spur, and the next generation car is looking less like a grown up Continental GT and more like a junior Mulsanne. A viewing of the first teaser vid revealed a more upright grille, a three-spoke steering wheel, horizontal taillights and quarter panels with angles and curves certifiably lifted from the Mulsanne. After this second video, we can add lower door panels with a more aggressive shape, horizontal vents in the fenders and a rear end with the shape of proper haunches.
The English motorcar maker promises us we'll see more on February 20, when "performance and luxury unite." We'll be there in person when the "Camry for rich people" is revealed at the Geneva Motor Show next month. You'll find the videographic appetizer below.