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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.

Recharge Wrap-up: Tesla truck's close call, Tesla age discrimination suit

A semi with a trailer full of Teslas has a close call on the highway in this video. With a half-dozen electric vehicles in tow, the truck has to swerve onto the shoulder as a commuter bus nearly hits it after crossing multiple lanes. An example of human error, this near miss is the type of thing Tesla would like to prevent by advancing and widely deploying autonomous vehicle technology. Watch the heavy-duty mishap in the video above, and read more at Teslarati. A former Tesla engineer is suing the automaker for age discrimination. 69-year-old Thomas Flessner, who was fired from his Materials Engineer position in February, says he "was isolated due to his age and routinely chastised for completing projects slower than his coworkers." The suit claims younger engineers working at a similar pace were not subject to the same criticism. Flessner encountered further problems after taking time off for surgery, when a supervisor told him, "these guys are gunning for you." Read more from Fusion. Audi has placed orders with Ballard as part of Volkswagen Group's HyMotion fuel cell technology program. Audi has taken over responsibility for Volkswagen's program to develop its next-generation fuel cell stack. Ballard is providing engineering services to the automaker until at least March 2019. "Our HyMotion team of engineers and scientists are collaborating closely with Audi's experts and together we are on-track with respect to key technical and financial goals set for the current year," says Ballard VP of Technology and Product Development, Dr. Kevin Colbow. Read more at Yahoo Finance. Car2go has reached 2 million members worldwide. The world's largest car sharing service has 800,000 members in North America, 1.1 million in Europe, and 100,000 in Chongqing, China. Car2go claims 43 percent year-over-year growth, with a trip taken by a member every 1.5 seconds. "The rise of car sharing can be attributed to a changing paradigm of demographics, social preference shifts towards usage of vehicles instead of ownership, and technology that enables the seamless short term rental of vehicles," says Frost & Sullivan Principal Mobility Analyst Martyn Briggs. Read more from Car2go. Related Gallery Volkswagen Golf SportWagen and Passat HyMotion News Source: Teslarati, YouTube: Rumble Viral, Fusion, Yahoo Finance via Electrek Government/Legal Green Audi Tesla Volkswagen Alternative Fuels Transportation Alternatives Electric Hydrogen Cars Videos recharge wrapup

Volkswagen drops "GTi" lawsuit against Suzuki

Way back in 2004, Volkswagen took umbrage with Suzuki being granted permission to use the nameplate "SWIFT GTi" for a performance variant of its small-car offering (2012 equivalent seen here). Now, eight years and surely some very steep legal bills later, VW has finally dropped its claim against Suzuki.
The General Court of the European Union stated, back in March of this year, that Suzuki's GTi registration could not be confused with VW's "Golf GTI." Volkswagen had appealed that ruling, though has now reportedly called off the dogs. In fact, Germany's Die Welt reports that the appeal has been dead for several weeks now.
This news comes amongst continued arbitration acrimony between the two automakers, all revolving around VW's forced divestiture of nearly 20-percent stake it purchased in Suzuki some two years ago.