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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.

Audi A3 diesel fails independent emissions test in Europe

The best-selling model under Volkswagen's Audi division was emitted about double the legal limits of nitrogen oxide (NOx) levels for Europe, Reuters says, citing laboratory tests overseen by the European Commission's Joint Research Center (JRC) in August. The Audi A3 was found in two tests to emit about double the legal limit of NOx, though one of the tests had the A3 within the limits when the engine was cold. An Audi spokesman told Reuters that the A3 was independently tested to have emissions levels within the legal limit and that he wasn't aware of the JRC test results. Still, the findings are another example of how Volkswagen, Europe's largest automaker, can not seem to shed the issues surrounding the diesel-emissions scandal that broke last September. VW has been fined about $19 billion for equipping diesel cars with software that cheats emissions-testing systems. About 11 million cars were affected, including about a half-million vehicles in the US. In addition reaching a $15 billion settlement with US regulatory bodies such as the Environmental Protection Agency (EPA) and the California Air Resources Board (CARB) earlier this year, VW has been fined $15 million by the South Korean government, which may impose more penalties because of allegations of false advertising. Audi is not the only VW unit to face further scrutiny. Germany's Transport Ministry and Federal Motor Transport Authority are taking a closer look at VW's Porsche division for potential emissions-cheating efforts, Bloomberg News recently reported. Additionally, the European Union is saying that at least seven of its member nations failed to provide sufficient oversight of automobiles' emissions-testing process, and may take legal action against Germany, Spain, Luxembourg, Czech Republic, Lithuania, Greece, and Great Britain, according to a separate Reuters article. Related Video: Featured Gallery 2017 Audi A3 View 125 Photos News Source: Reuters via Automotive News Europe-sub.req. Government/Legal Green Audi Volkswagen AutoblogGreen Exclusive Emissions Diesel Vehicles testing

Win an electric car and celebrate Earth Day

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