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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.

2020 Bentley Flying Spur First Edition Road Test | $280,000 worth of drama-free splash

After reading Brett Berk’s First Drive review of the Bentley Flying Spur, I was intrigued. Not by the authorÂ’s propensity for shedding clothing (though that sure is Â… something), but by some of the carÂ’s numbers and its drivetrain features. Figures such as 626 horsepower and 3.7 seconds to 60 piqued my interest, as did torque-vectoring all-wheel drive and four-wheel steering. Bentley says the Flying Spur offers “breathtaking performance.” BerkÂ’s first drive was in Monaco, where a car like this pairs well with the luxury yachts. My time with the Flying Spur would be much less of a pantsless extravaganza. Instead, IÂ’d be fleeing quarantine cabin fever with my family, schlepping through the rain to run errands, waving to confused-looking neighbors and hopefully experiencing performance that would, as advertised, take my breath away. The Flying Spur feels a bit like a boat. ItÂ’s big, with a long hood stretching out into oneÂ’s forward view like the bow of a cabin cruiser. Add the isolated feeling provided by the suspension, and I could easily imagine myself skimming across a calm bay. The materials lend themselves to the nautical whimsy as well, with plenty of quilted leather and horizontal swaths of metal-accented wood that reminded me of my uncleÂ’s Lake Erie runabout. My first outing was with the family, and it was mostly spent on the highway. My wife, Cat, who is prone to motion sickness, had no troubles in the Flying Spur. Apart from sneaking in a few hard launches — eliciting chuckles from Cat and admonishment from my son, Wollie — I kept my driving sane and smooth. I mostly kept the car in Comfort mode. Driven as such, even with the brief moments of right-foot indulgence, the Flying Spur felt a bit underwhelming. The carÂ’s size suggests the existence of the 6.0-liter W12 under the hood, but its 626 horsepower and 664 pound-feet of torque are experienced differently in this Bentley. Hardly any sound makes its way into the cabin. Its highway calmness belies its actual swiftness. This was all well and good for the comfort of my passengers, but it didnÂ’t do much to evoke any feeling beyond that of leisure. In fact, IÂ’d have almost rather have been a passenger for this sort of trip. That way I could better soak in the craftsmanship that surrounds you inside a Bentley.

Audi CEO's Dieselgate arrest threatens fragile truce among VW stakeholders

FRANKFURT — The arrest and detention of Audi's chief executive forces Volkswagen Group's competing stakeholders to renegotiate the delicate balance of power that has helped keep Audi CEO Rupert Stadler in office. Volkswagen's directors are discussing how to run Audi, its most profitable division, following the arrest of the brand's long-time boss on Monday as part of Germany's investigations into the carmaker's emissions cheating scandal. The supervisory board of Audi, meanwhile, has suspended Stadler and appointed Dutchman Bram Schot as an interim replacement, a source familiar with the matter said on Tuesday. Schot joined the Volkswagen Group in 2011 after having worked as president and CEO of Mercedes-Benz Italia. He has been Audi's board member for sales and marketing since last September. The discussions risk reigniting tensions among VW's controlling Piech and Porsche families, its powerful labor representatives and its home region of Lower Saxony. VW has insisted the development of illegal software, also known as "defeat devices," installed in millions of cars was the work of low-level employees, and that no management board members were involved. U.S. prosecutors have challenged this by indicting VW's former chief executive Martin Winterkorn. Stadler's arrest raises further questions. Audi and VW said on Monday that Stadler was presumed innocent unless proved otherwise. Munich prosecutors detained Stadler to prevent him from obstructing a probe into Audi's emissions cheating, they said on Monday. Stadler is being investigated for suspected fraud and false advertising. Here are the main factors deciding the fate of Audi. Background: Audi's role in Dieselgate Volkswagen Group was plunged into crisis in 2015 after U.S. regulators found Europe's biggest carmaker had equipped cars with software to cheat emissions tests on diesel engines. The technique of using software to detect a pollution test procedure, and to increase the effectiveness of emissions filters to mask pollution levels only during tests, was first developed at Audi. "In designing the defeat device, VW engineers borrowed the original concept of the dual-mode, emissions cycle-beating software from Audi," VW said in its plea agreement with U.S. authorities in January 2017, in which the company agreed to pay a $4.3 billion fine to reach a settlement with U.S. regulators.