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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.

Porsche recalling 24,500 Panameras for a potential HVAC coolant pump issue

A possible coolant pump problem for the HVAC system is causing Porsche to recall 24,467 units of the Panamera from the 2017 to 2020 model years. Bentley's recalling 650 examples of the sibling 2020 Continental GT for the same issue. Porsche was notified of a malfunction in the external heat pump for the Panamera's climate control in December 2022. An automaker investigation found that it's possible for excess humidity or even liquid to get past the pump seals and short out the pump's circuit board and connector. In rare instances, the malfunction could cause a fire. This can happen even when the engine is turned off because the cars in question are equipped with a residual heat function that keeps warming the cabin after shutdown. Panameras built after July 26, 2021 were fitted with a different pump. The Stuttgart carmaker's field analysis showed "a very small number of instances of thermal damage possibly attributable to this issue." Bentley changed the part in July 2019 to a model with a pressure compensation seal. Porsche said it will begin notifying owners on March 27. It also said it will reimburse any Panamera owners who have paid to have the part fixed previous to this recall. The fix is a trip to the dealer for a new pump with better sealing, sourced from a new supplier. Bentley will begin notifying owners on the same day. In Bentley's case, though, the automaker says "A hardware change will be required but the final solution is currently under investigation and cannot be confirmed at this time." Since the automaker moved to a new pump that isn't part of the recall population, we aren't sure why a resolution remains under investigation. Porsche owners can contact Porsche customer service at 800-767-7243 and refer to internal recall number APA1. Bentley owners can call 800-777-6923 and refer to RE23/02 (RC67). Anyone in that group can go straight to the National Highway Transportation Safety Administration at 888-327-4236 (TTY 1-800-424-9153) or nhtsa.gov, citing campaign number 23V033 for the Panamera or 23V034 for the Bentley. Related video:

Bentley Continental GT V8 and Toyota 4Runner | Autoblog Podcast #604

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Senior Editor, Green, John Beltz Snyder. First, they talk about driving the 2020 Bentley Continental GT V8 First Edition, followed by the 2020 Toyota 4Runner TRD Off-Road. Then they revive a format called "This or That," discussing the Jeep Wrangler vs. Gladiator, Subaru Forester vs. Outback, Mustang vs. Camaro vs. Challenger, and whether they'd rather spend $25,000 on a new or vintage car. They've got an update on a previous Spend My Money segment, and, finally, they help another listener pick a daily driver. Autoblog Podcast #604 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown 2020 Bentley Continental GT V8 2020 Toyota 4Runner This or That: Jeep Gladiator or Jeep Wrangler Subaru Forester or Subaru Outback Ford Mustang, Chevy Camaro or Dodge Challenger Vintage car or new car Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Podcasts Bentley Chevrolet Dodge Jeep Subaru Toyota Truck Coupe SUV Luxury Off-Road Vehicles Performance Classics