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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.

2014 Bentley Flying Spur makes its Swiss debut

Ever since the two-door Bentley Continental GT debuted in 2010, we've wondered how the coupe's new design and technology would carry over to the four-door Flying Spur model. We received official details and images a couple of weeks ago, but we've now had the chance to see the Spur in person here on the eve of the 2013 Geneva Motor Show.
It's a handsome sedan, this 2014 Flying Spur (which has officially ditched the Continental nomenclature, for what it's worth). And even more handsome in the metal. The stock photos don't do this big beast justice - especially in the rear three-quarter and profile views, where aspects of the car (namely its newly horizontal-shaped taillamps) can look a bit awkward.
More impressively, Bentley says that the new Flying Spur will be the "fastest, most powerful four-door" it has ever produced. Makes sense to us, especially considering the fact that the sedan borrows its twin-turbocharged 6.0-liter W12 powertrain from the Continental GT Speed coupe. This twelve-pot mill is good for 616 horsepower and 590 pound-feet of torque, able to propel the 5,451-pound, all-wheel-drive sedan to 60 miles per hour in 4.3 seconds. That's quick.

Ian Fleming's Bentley R-Type rediscovered in an L.A. garage

James Bond creator Ian Fleming commissioned a left-hand-drive 1953 Bentley R-Type Continental Fastback in Deep Grey with black Connolly leather as a gift for his American friend Ivar Felix Bryce. Fleming's choice of that car was probably no accident: Bond drove an R-Type Continental in the book Thunderball – one he bought as a wreck and restored, and he had it done up in gray with black leather. In Skyfall, this is the car that would have been behind that garage door. Gullwing Motor Cars recently discovered the real-life car wasting away in a garage in Hancock Park, Los Angeles for nearly 30 years. Bryce was Fleming's inspiration for CIA agent Felix Leiter in the Bond books. The US agent showed up in six installments in the series starting with Casino Royale, bowing out in The Man with the Golden Gun. Just as cool as the Fleming/Bond connection is this car's connection to the Bentleys of today. This was the "Speed" of its time, and like Continental GT Speed of one today, it was the fastest production four-seater in the world. A review of the time said, "it is difficult to put into words the gulf that separates a Continental from the average car in all the qualities that have a bearing on safety at speed." And you can see where those outboard lights on today's Bentleys come from. The Continental designation signified a power upgrade over the standard R-Type, and Fleming built it up with extras like rear spats, lightweight seats, fitted luggage, and a racehorse mascot. The Bryces flew their gift around the world to their various homes in England, Nassau, New York, and Vermont. After they sold it the coupe had several owners, ending up in the hands of a Beverly Hills surgeon in 1978, and according to Gullwing it's been sitting in a garage almost since that time. It has matching numbers and the original interior, and Gullwing says, putting it mildly, it is "an ideal restoration candidate." The asking price is $1,495,000, which is quite the premium for pedigree. Hagerty values a pristine example at $1.4 million, and two recent pristine examples have been sold by RM Auctions for $1.2M and Bonham's for $822,000. This Fleming car one went to auction at Pebble this year with an estimate of $1.4M - $1.8M but didn't sell, so don't be afraid to ask a few hard MI6-like questions about it if you're interested.