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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.

2014 Porsche Panamera Diesel is something to torque about

Porsche has been in the business of slaying sacred cows for the better part of a decade, from venturing into the SUV space with the Cayenne to the four-door realm with its Panamera hatchback. And if those vehicles didn't leave brand purists apoplectic enough, Porsche has been adding diesel and hybrid power to its portfolio, thought to this point, neither alt-fuel motivator has made its way into the brand's sports car lineup.
Today's Frankfurt Motor Show effectively marks the second-generation of diesel power in the Panamera, and this updated 3.0-liter V6 features 300 horsepower (50 ponies more than last year) and a whopping 479 pound-feet of torque, available from 2,500 rpm. That power is achieved with a new higher-pressure, water-cooled turbo and redesigned engine internals that include a new crankshaft and pistons. The newfound increase is said to raise top speed to 161 miles per hour from 152, and drop the car's 0-62 mph time from 6.8 seconds down to 6.0. It also figures to be a better handler, with a new torque-vectoring rear differential borrowed from its gas-powered brethren and a reworked transmission for crisper shifts. The suspension has also been retuned, along with the updated 2014 visuals first revealed at April's Shanghai Motor Show.
No word yet on the North American sales prospects of this diesel Panamera, but we imagine that depends in part on how well the Cayenne diesel is selling.

Editors' Picks June 2024: Some German SUVs and an excellent sports car

This month sees some recently-refreshed luxury SUVs join the list of Editors' Picks. Both the BMW X5 and Porsche Cayenne are fresh for 2024, and both are extremely tempting luxury performance SUVs for the well-off buyer. The vast array of powertrains available for both of them ensure there's a version for all comers, and any enthusiast would adore the extra-high-performance versions of both. Of course, enthusiasts will enjoy the last car on this month's list the most with the Lotus Emira. It's simply spectacular to drive, and we can't recommend it enough to the hardcore driver. In case you missed previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get an EditorsÂ’ Pick designation. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. You'll find the entire list of Editors' Picks at this link here, which we keep updated as cars are either added or dropped from the list. The vehicles youÂ’ll find below consist of every car we rated in June that earned an EditorsÂ’ Pick. 2024 BMW X5 2024 BMW X5 M Competition View 41 Photos Quick take: The X5 is most desirable in its PHEV and M60i V8 trims, but the whole lineup is extremely competent and brings together excellent performance, excess luxury and cutting-edge tech for its segment. Score: 7.5 What it competes with: Mercedes-Benz GLE, Porsche Cayenne, Range Rover Sport, Maserati Levante, Genesis GV80, Audi Q8 Pros: Superb to drive with knockout powertrains; excellent utility and creative features; styling is sporty and attractive but not over the top Cons: Infotainment system can be a pain; M Competition model is a little over the top; gets pricey quick with options From the editors:  Senior Editor, Electric John Beltz Snyder — "I really like the dual-opening liftgate/tailgate combo. The liftgate portion up top opens quickly, allowing you to throw something inside or grab something out of the back. Flipping down the lower tailgate part gives you a nice place to sit and change shoes. Another benefit is that you can open the liftgate without unsecured items immediately falling out. And with the way the X5 M Competition encourages you to drive it hard, you will end up shifting loose cargo around at some point." Road Test Editor Zac Palmer — "I'd snag the X5 M60i out of all the various X5 variants.