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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.

Formula E is on track financially, with NYC race coming up

LONDON - Formula E could be breaking even already were it not investing for the future, chief executive Alejandro Agag said on Monday after the electric motor racing series reported continuing losses in its latest annual accounts. Accounts filed at Companies House showed Formula E Operations Ltd reduced its operating loss to 33.7 million euros ($38.32 million) at end-July 2016, a period covering its second season, from a previous 62.7 million. Net liabilities rose to 107.2 million euros from 72.1 million, while total revenues reached 56.6 million from a previous 19.7 million. "Everything is going according to plan," Agag, whose city-based series will be racing in New York for the first time on July 15 and 16, told Reuters in an interview at his London offices. "Actually we are doing incredibly well financially according to our plan. "We could have broken even this year but we decided to invest more in marketing and promotion. We decided to add races like the one in New York, which is in year one a race which is costing, we have significant capital expenditure." "It's really up to us when we want to go to break even or not. We could be in break-even now, we could be in break-even next season but we may decide to invest more in marketing and promotion." Agag said the shareholders, including John Malone's Liberty Global and Discovery Communications, were supportive of the strategy and the series had attracted more investors, sponsors and car manufacturers. The New York races will be held in Brooklyn's Red hook neighborhood, with lower Manhattan and the Statue of Liberty as a backdrop with technology partner Qualcomm securing the naming rights. MANUFACTURER INTEREST Agag, whose series plays down competition with Liberty Media-owned Formula One, said more carmakers were set to join a series increasingly aligned with their commercial focus. "I think Formula E has become the preferred destination for manufacturers and there are a few reasons for that," said the Spaniard. "Obviously, one is that it is electric and manufacturers are more and more focusing on electric cars...and we are the only platform really to help them promote that technology and those types of cars. "And second, because of the cost. The cost of the team in Formula E is very moderate." Whereas top Formula One teams can burn through $300 million a year, as can the likes of Toyota in the World Endurance Championship, the budgets of successful Formula E teams are between 10 and 15 million.

Upcoming Audi Q8 coupe-like crossover spied in the snow

At the 2017 Detroit Auto Show, Audi debuted the Q8 concept, a thinly veiled version of its upcoming coupe-like crossover that's set to compete with the BMW X6 and Mercedes-Benz GLE-Class Coupe. We now have spy photos that give us our first look at the Q7-based production version, and through the camouflage we can see how telling Audi's Q8 concept really is. All of the major traits from the concept are present on the production model, including that massive, oversized grille and aggressive roofline. In fact, the entire front end appears to carry over from the Q8 concept, just toned down a few notches. The stainless steel accents on the air intakes are gone, and the headlights, though similar in shape, look more traditional than those on the concept. The small cutouts between the grille and the hood look to be gone as well. Around the side, we can see that the concept's sharply angled rear window and sloping roof have are present, mostly unmodified. The Q8's beltline doesn't appear quite as high as the concept's, but the windows look to be the same relative shape. The big creases above the wheel arches have been reduced slightly. Also, although the Q7 and Q8 will share a platform and therefore a wheelbase, the Q8 is slightly shorter overall. The smaller front and rear overhangs, combined with the tight roofline, give it a high-riding hatchback profile, similar to the Porsche Macan. The changes between the concept and production model are most evident around back. The bumper mounted exhaust pipes have been dropped, at least on this version. The upright vents on the outside of the tail lights have also been dropped. The camouflage around the rear is heavy, so it's difficult to to say how much of the body-width tail light carries over, though the light itself seems to shine through in the same shape. No word on when we'll see a production version, but expect to see the Q8 concept around for a few more shows. Look for more details on the engine, including whether or not the plug-in hybrid powertrain carries over from the concept, closer to the full reveal. Related Video: