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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.

Updated J.D. Power APEAL study shines on VW Group, Chevy

J.D. Power has just revealed the results of its 2013 APEAL Study, which looks at which brands have the most appealing cars based on sales figures, dealer inventory, brand loyalty, transaction and trade-in prices. The study was revamped for 2013, and places a larger focus on the new tech and infotainment options available to customers. All told, study participants gauged their vehicles on 77 different attributes, delivering a score out of a 1,000 points.
The Volkswagen Group had the greatest success of any corporation, topping the APEAL rankings with the Audi Allroad, Porsche Boxster, Porsche Cayenne, VW GTI and Passat. Chevrolet had the highest number of awards for a single brand, though, with the Avalanche, Sonic and Volt all taking home a prize.
The best brand overall was Porsche, which scored 884 out of a possible 1,000 points. The top Japanese brand was Lexus with a score of 847, while the top American brand was Cadillac, at 841. The best mainstream brand was Ram, which received a very respectable 817. The industry average for this year's study was 795, with 16 brands, all of which were mainstream, falling below the average.

Volkswagen plans expansion, tech center in Chattanooga

Volkswagen is expanding its growing Chattanooga, TN, factory by even more than the original plans after winning the local government's approval. The German automaker announced its intention last year to invest $900 million to add 538,000 square feet of floor space to the plant, which would add 2,000 new jobs. The company just went back to the city for permission to increase the expansion by a further 130,153 square feet for an even larger body shop. The extra construction is estimated to cost around $18 million. VW spokesperson Catharina Mette described the decision as "a cost-saving option," to Autoblog. "Taking this action now saves money while giving us flexibility as we integrate the MQB platform in the future," she said. By the end of 2016, the Chattanooga plant will begin production of VW's forthcoming crossover, which should look similar to the Cross Coupe GTE concept. VW has further plans for the research, development, and planning center near the factory. According to the Chattanooga Times Free Press, some of the designers and engineers will start work at a temporary facility there next week. A permanent location will open in 2017 with a test track and space to perform crash evaluations. The engineering center is meant to speed up the rate of vehicle development to bring models to the North American market more quickly."This will be the central entity in all the US, and hopefully all of North America," Matthias Erb, who oversees the center, said to the newspaper. Related Video: