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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.

Bentley and Italdesign tease Geneva reveals

With five weeks to go until the Geneva Motor Show on March 5, automakers have begun the tease campaign. But because there are still five weeks to go, the teases are a little stingy. Bentley and Italdesign, two brands owned by the Volkswagen Group - Audi, specifically, owns Italdesign - break the seal with what look like two sports cars, the segment Geneva's best known for. Bentley, surprise, surprise, will celebrate its centenary year at Geneva with something inspired by its Le Mans history. The English carmaker's teaser video contains a number of historical elements that we don't know how to line up with the grille of the modern Bentley featuring a "9" graphic. The narrator detailing the early Le Mans race mentions 60 entries, but Le Mans never fielded exactly sixty entries during Bentley's fame-making days. The closest we could get was the 1925 race, the year after Bentley's first win, which saw 55 cars line up. But in 1925, the No. 9 Bentley had to retire after 13 hours when it caught on fire during a fuel stop. Instead, Bentley could be referring to the next evolution of its race cars. The brand won Le Mans with the Speed 6, and used the Speed 8 to win the 2003 race. Italdesign has gone even more cryptic with its teaser. The styling house most recently known for the Lamborghini Huracan-based Zerouno in 2017, and the Zerouno Duerte and Nissan GT-R50 in 2018, is promoting something else with serious wing. We'll guess it isn't another Zerouno derivative because of the wing stanchion. Freezing a few of the frames reveals background lines that make whatever's coming look highly racy. We'll get answers in the city by the lake. And most likely, a few more teasers before then. Related Video:

Odds are on Bentley Mulsanne replacement to be a flagship SUV

Volkswagen Group brand Porsche sells SUVs so that it can afford to pour money into its segment-defining sports cars. For fellow VW Group brand Bentley, that math doesn't work; Porsche sold around 280,000 cars last year, more than 190,000 of them the Cayenne and Macan, compared to Bentley's total sales of 11,006. The English maker, recently recovered from trying times, must therefore be especially choosy about apportioning resources when deciding what to build. When the company looked at the prospects for the Mulsanne, Bentley realized that developing a four-door sedan replacement wouldn't pay off, so designers fashioned the new Flying Spur into a kind of Mulsanne Lite. If a new model from Crewe ascends into the $300K-plus arena, odds are it will be a crossover. In comments to various outlets over the past few weeks, including Top Gear, Car, and Car and Driver, Bentley CEO Adrian Hallmark didn't explicitly admit the arrival of a big-money crossover. However, he said almost everything one could say without admitting it. His comments were previewed last year by those of Werner Tietz, the Bentley board member for engineering. On the subject of updating the automaker's lineup, Tietz told Autocar Bentley's goal is to sell to new customers, and for that, "There is some potential when you look at SUVs too, especially around a car larger than the Bentayga if you consider its value to the Chinese and American markets. So, yes, that is one opportunity we are exploring." Five years ago, talk about a Bentayga variant centered on a sleeker coupe style, not something bigger and badder, but much has happened since then. Hallmark explained that the market for mid-six-figure big sedans has dropped to 1,000 sales worldwide, chopped up between the Mulsanne and Rolls-Royce Phantom. Roughly 90% of Mulsanne sales are to under-40s in China and over-60s in the U.S. While "it's a great business ... it's a shrinking business" because aging Mulsanne buyers in the U.S. don't want to drop another half million dollars on a daily driver, opting for a Flying Spur or Bentayga instead. As for the Chinese market, the CEO confessed to Car, "[If] we did a — not to give you the answer — if we did a longer wheelbase Bentayga, every single one of those Mulsanne customers in ChinaÂ… would take that instead."  The Bentayga soaks up almost half of Bentley sales.