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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.

Bugatti breaks the 300-mph barrier in a longtail Chiron prototype

In one fell swoop, Bugatti reclaimed the top speed crown from Koenigsegg, and became the first hypercar manufacturer to break the 300-mph barrier. Andy Wallace, the French firm's official test pilot, recently set a speed record in a purpose-built, Chiron-based prototype on the Ehra-Lessien track in Germany. With 16 cylinders screaming in unison a foot away from his eardrums, Wallace reached 304.773 mph on Ehra-Lessien's 5.4-mile straight. To add context, the Veyron Super Sport topped out at 267.856 mph, and the Koenigsegg Agera RS stopped accelerating at 284.550 mph. Japan's Shinkansen bullet train normally runs at about 200 mph. The record-setting Chiron is faster than many small, Cessna-like aircrafts, and it can outrun a majority of the helicopters in the skies. Bugatti calls the record-setting car a pre-production version of a Chiron derivative. While technical details remain under wraps, we can tell its rear end has been extended in order to add downforce without creating drag. Round vents drilled into the top part of the front end reduce turbulence in the wheel wells, while peeking inside reveals a roll cage and a Sparco bucket seat for the driver. The prototype looks a little bit lower than a regular Chiron, too, but we'll have to wait until Bugatti publishes more information to find out what lies beneath the carbon fiber bodywork, and whether any of it will reach production. Italy's Dallara helped develop the special Chiron. Michelin contributed a great deal of expertise to the project, too. It provided Pilot Cup Sport 2 tires reinforced to handle 5,300 Gs while remaining street-legal. The company went as far as sending the four tires through an X-ray machine to scan for even the smallest imperfections. The run comes as a surprise, because the company's interest in setting speed records seemingly waned after it released the Chiron. Getting to 304 mph required a tremendous amount of effort, but Bugatti now has two additional bullet points on its resume. It's the first automaker to break the 300-mph barrier, and the Chiron stands out as the fastest car in the world.  We expect to learn more about Bugatti's record-setting run — including what's next for the record-breaking car — in the coming weeks as the firm continues celebrating its 110th birthday. In addition to the speed record, the celebrations have so far spawned the one-off La Voiture Noire and the limited-edition Centodieci.

Performance cars old and new are headed to auction at Las Vegas Grand Prix

Auction house RM Sotheby's is hosting a sale ahead of the 2023 Las Vegas Formula One Grand Prix, and most of the lots that will cross the block were designed with performance in mind. Whether you want a supercar or a Formula One car, there's a chance you'll find it in Sin City. One of the highlights from the sale in terms of rarity and price is the Mercedes-AMG Petronas W04 that Lewis Hamilton drove in the 2013 F1 season. Assigned chassis number F1W04-04, it's the team's last car powered by a naturally-aspirated V8 engine, and you're on the wrong track if you're thinking of the 4.0-liter unit that powers AMG's road cars. The engine in question is a 2.4-liter unit that develops 750 horsepower and is capable of revving to a screaming 18,000 rpm. The KERS system injects 80 additional horses into the driveline. Hamilton drove F1W04-04 in 14 of the 2013 season's 19 races, and he won that year's Hungarian Grand Prix in the car. RM Sotheby's notes that F1W04-04 is "the sole example to be sold outside of the Mercedes-Benz organization," which explains why it expects the car will sell for anywhere between $10 million and $15 million excluding the buyer's fee and a 2.5% import duty that applies to American residents. That's a lot of money, but modern Formula One cars rarely come up for sale. Several other cars are expected to sell above the $1 million mark, including a 1999 Mercedes-Benz CLK GTR ($8 million to $9 million), a 1988 Porsche 959 Komfort ($1,650,000 to $1,850,000), and a 1996 Bugatti EB110 Super Sport ($2,500,000 to $3,250,000). The 1990 Ferrari F40 GT (one of 21 units built) could bring up to $4 million. You can take home a rare, high-end classic even if you cap your budget at $1 million. How about a 1984 Lamborghini Countach 5000 S that was delivered new to Ralph Lauren and that has been in the hands of its second owner since 1986? RM expects the coupe will sell for up to $900,000. The auction house is also giving enthusiasts two distinctly different ways to spend a six-digit sum on a 30-something-year-old Mercedes-Benz. There's a 1990 190E 2.5-16 Evolution with about 3,400 original miles that could fetch up to $700,000. That's a lot to pay for a W201, but this isn't a run-of-the-mill Baby Benz: It's one of 502 examples built for homologation purposes. Alternatively, the 1989 560SEC AMG 6.0 Wide-Body could sell for up to $900,000. It's one of the most emblematic cars designed by AMG before it joined Mercedes-Benz.