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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.

Porsche 919 Hybrid sets new qualifying record at Le Mans [w/video]

Porsche is getting off to a great start at Le Mans this year, setting a new qualifying lap record. Both Neel Jani and Timo Bernhardt clocked qualifying times in the latest Porsche 919 Hybrid that eclipse the previous record. At 3:16.887 and 3:17.767, both Porsche factory works drivers beat the record 3:18.51 qualifying time achieved by Stephane Sarrazin in the Peugeot 908 back in 2008. We should note, however, that these times are for the current track configuration. The outright qualifying record for any configuration still belongs to – you guessed it, also Porsche. Pedro Rodriguez pole position in 1971 in the Porsche 917 at 3:13.90. His teammate Jackie Oliver lapped even faster during the practice session at 3:13.6, and went on to set the fastest race lap that same year, which still stands at 3:18.4. The long and short of it, though, is that Porsche has been and remains the force to be reckoned with when it comes to outright pace around the French circuit. All that remains to be seen is whether the team can translate that pace into victory over the defending Le Mans winners at Audi and the reigning World Endurance Champions at Toyota. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 24 Hours of Le Mans : Porsche beats all records! As expected, this first day will be have been marked by the domination of the Porsche 919 Hybrid cars during the first qualifying practice and who totally smashed the record of the track. But let's be careful, Audi isn't far behind. In LM P2, an Oreca 05 from Team KCMG finished in front whereas the Aston Martins excelled in LM GTE Pro and LM GTE Am. During the free practice sessions that took place between 4 and 8pm, the competitors began carefully on a drying track after the afternoon rain. The red flag was presented only 5 minutes after the opening of the track because of an immobilized driver who had made a mistake (without any other consequence other than this neutralization) at braking point in the chicane ForzaMotorsport (first of the two chicanes on the Hunaudieres). The British driver Richard Bradley was the cause of this behind the steering wheel of the Oreca 05 n°47 of the Hong Kong team KCMG. The prototype LM P2 was brought back to the pits on the breakdown truck. A little later, the same Richard Bradley did the best time of the free session on this Oreca 05 n°47.

World's largest toy car collection is in Beirut, and it's remarkable

It's common for auto enthusiasts to have a few miniatures of their favorite cars around their home or office. They provide a respite of happiness knowing that if you can't have the real things, at least you can look at them in miniature. However, Billy Karam of Beirut, Lebanon, has taken collecting toy cars to its extreme. His collection of over 30,000 model cars and 400 dioramas is certified by the Guinness Book of World Records as the world's largest collection of car toys. "You cannot buy the big ones, so you buy a thousand of the small ones instead," says Karam in the video. Karam is a former amateur racing driver with a weakness for all things Porsche, and many of his dioramas depict races that he drove in or attended. Looking at them gives him a chance to relive the experiences again, but unlike a photo or video, they are right there in three dimensions. Scroll down to watch this astounding Cool Hunting video narrated by the collection's captivating owner. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Cool Hunting Video: World's Largest Toy Car Collection from Cool Hunting on Vimeo. News Source: Cool Hunting via VimeoTip: Reilly Toys/Games Porsche Videos Guinness World Records diecast toy car car collection