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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 has new Q5 and Q2 crossovers coming this year

Update: Audi has released a teaser video for the Q2 crossover ahead of its debut in Geneva. That video is above. The original post from December continues below. Before the new year is done, Audi will introduce two new crossovers. The announcement comes as part of a planned ˆ3 billion investment plan for 2016, and will include a new Q5 as well as the addition of a new Q2 model into the range. That's pretty ambitious considering the company hadn't produced its first SUV until ten years ago. The replacement for the Q5 should be fairly straightforward, replacing a model that already exists. The current Q5 was launched in 2008 and underwent a refresh in 2012. Expect the new model to offer similar dimensions and specifications, but with improvements to help it fend off the likes of the Mercedes GLC, BMW X3, and the Porsche Macan which shares its MLB underpinnings. The arrival of the Q2, however, promises to take Audi's crossover range further downmarket. With the existing Q3 already taking on Mercedes GLA and BMW X1, the Q2 could go a size smaller to rival the next Mini Countryman. Whatever form it takes, we'll find out within the year, according to Audi. Beyond next year, Audi says it will build its first volume electric vehicle in 2018. The vehicle will take the form of a battery-powered crossover, previewed by the E-Tron Quattro concept (pictured) at the Frankfurt Motor Show this past September. With these and other additions, Audi aims to expand its range to 60 models by 2020. Audi launched into the crossover market with the debut of the original Q7 in 2005. It has since expanded its high-riding lineup with the arrival of the Q5 in 2008 and the smaller Q3 (in overseas markets at least) in 2011. The Q2 is one of several new crossovers said to be in the works at Ingolstadt, including a potential slant-back crossover coupe to be dubbed Q6 and a Q4 to put the TT Offroad concept into production. Audi Group invests in the future - Capital expenditure of more than ˆ 3 billion in 2016 - Audi CEO Rupert Stadler: "Continuing with high levels of investment in future technologies to enhance strong position" - Axel Strotbek, Board of Management Member for Finance and Organization: "Gaining financial scope through further cost optimization" - Audi Board of Management Member for Human Resources Thomas Sigi: "Looking for experts in areas important for the future" Audi will lay the foundations for future growth in 2016.

2017 North American Car, Truck, and Utility of the Year entries announced

Over 40 vehicles will compete for the 2017 North American Car, Truck, and Utility of the Year awards. If that name looks a little strange, it's because the competition added a third category. In years past, pickup trucks, crossovers, SUVs, commercial vans, and minivans competed for the same award. That's why there were occasionally weird comparisons, like last year's competition between the Volvo XC90 and Nissan Titan XD. The new format separates pickups and commercial vans into the truck contest and CUVs, SUVs, and minivans into the utility competition. A complete list of eligible vehicles is below, but here are a few highlights. For one, the entire list of entries has a luxurious lean. Of the 43 vehicles, nearly half of them are from premium brands. There are two eligible Bentleys – the Bentayga and Mulsanne – the Rolls-Royce Dawn, Jaguar F-Pace, Audi Q7, and the Mercedes-Benz GLS-, E-, and S-Class Maybach. The performance ranks are lofty, too, with the Audi R8, Acura NSX, Alfa Romeo Giulia, Mercedes SL- and SLC-Class, Porsche 718, and F-150 Raptor. The mainstream entries are just as comprehensive. From the Chrysler Pacifica to the Chevrolet Cruze to the Fiat 124 Spider to the Mitsubishi Mirage, NACTOY has covered an enormous price range with this year's contestants. Of course, these are only the eligible vehicles. They'll need to run through three rounds of judging, starting in September at NACTOY's traditional Hell, MI, test drive. The Canadian and American journalists involved in the judging will announce this year's nine finalists – three in each category – on December 6. Cars Acura NSX Alfa Romeo Giulia Audi A4 Audi R8 Bentley Mulsanne Buick Cascada Buick LaCrosse Cadillac CT6 Chevrolet Bolt Chevrolet Cruze Fiat 124 Genesis G90 Hyundai Elantra Infiniti Q60 Jaguar XE Kia Cadenza Lincoln Continental Mercedes-Benz E-Class sedan Mercedes-Benz S550 Maybach Mercedes-Benz SL-Class Mercedes-Benz SLC-Class Mini Clubman Mitsubishi Mirage/G4 Porsche 718 Boxster and Cayman Rolls-Royce Dawn Toyota Prius Prime Volvo S90 SUVs Audi Q7 Bentley Bentayga Buick Envision Cadillac XT5 Chrysler Pacifica GMC Acadia Infiniti QX30 Kia Sportage Mercedes-Benz GLS-Class Jaguar F-Pace Mazda CX-9 Nissan Armada Trucks Ford F-Series Super Duty pickups Ford F-150 Raptor Honda Ridgeline Nissan Titan half-ton Related Video: Featured Gallery Bentley Bentayga View 23 Photos News Source: Automotive News - sub.