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Volkswagen profit jumps as it warns of a cooling auto market
Wed, Oct 30 2019FRANKFURT, 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.
First new Bentley Blower built since 1930 is now being tested
Wed, Dec 9 2020Just over a year after announcing the program, Bentley has finished building its first Blower car since 1930. It's called "Car Zero" since it's not one of the 12 customer cars. Instead, this first car is a prototype that will undergo testing before the customer cars begin production. Bentley says this car took 40,000 hours to complete. The company figured out how to build it based on existing tooling and blueprints, as well as laser scans of the components in the company's 1929 race car on which the continuation models will be based. The company collaborated with a variety of outside companies for help with the frame, radiator shroud and leaf springs. The frame was built by a company that builds and restores boilers for steam engines. Bentley itself also built a custom stand so it could hook up the recreated 4.5-liter supercharged four-cylinder to its modern-day engine dynamometers for break-in. Now that this prototype has been completed, Bentley will begin testing it for durability. The planned testing should recreate just under 22,000 miles of regular driving and nearly 5,000 miles of track driving. The company will also do a top speed run with it. Once testing is complete, Bentley will start building the 12 customer cars, all of which have been sold and specified. While many are likely excited about this new Bentley, there are a handful of car enthusiasts that probably don't share the excitement. Earlier this year, several of these wealthy enthusiasts, including fashion mogul Ralph Lauren, sent a letter to Bentley expressing concerns that these continuation cars will reduce the value, both monetary and intrinsic, of the original cars. The complaint obviously hasn't had an effect on Bentley's plans. Related Video:
'Rich Kid of Instagram' victim of supercar arsonists
Wed, 18 Jun 2014A 19-year-old in the UK is smarting after the possibility that his prolific social media use may be at the heart of four family-owned supercars going up in flames in barely a week. Aleem Iqbal has thousands of followers on Twitter and Instagram paying attention to his frequent posts about the high-priced cars he's driving. He's even been featured on the Tumblr page Rich Kids of Instagram. It appears that some people might not be so smitten with him, though.
According to his Twitter profile, Iqbal owns Platinum Executive Travel, a luxury car rental company in the England, and UK newspaper The Telegraph claims the company is also owned by Iqbal's father. On June 6, cameras caught three hooded men setting fire to a Lamborghini Aventador Roadster leased by the company for a wedding. A few days later, two Audi R8 Spyders and a Bentley Continental Flying Spur from Platinum also got the torch, and two men were caught on camera setting the blaze. Nobody was hurt in either of the attacks, and the Aventador appeared to be repairable with the fire causing most damage to the passenger seat and dashboard. Police are still investigating both of the crimes.
According to The Telegraph, Iqbal believes that the arsons could have stemmed from jealousy towards him and his family's business. Regardless, setting fire to a bunch of cars that are likely insured isn't a great way to show displeasure.