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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.

Well hello, Carice, you Porsche-aping EV cutie

Ah, the joy that comes open-air motoring with the in your hair and the roar of the exhaust behind you. Well, maybe not as much anymore. In recent years, vehicles like the Tesla Roadster have made the concept of the electric sports car palatable. Now, Dutch automaker Carice is following suit with a classically inspired EV speedster called the MK1. The MK1 clearly wears its design inspiration on its sleeve. It would be difficult to look at this styling and not immediately see a Porsche 356 Speedster; It has the same upside-down bathtub shape with big round headlights and likely the tiniest taillights on a production car in years. The Carice is also clearly meant for fair weather motoring because there's no top, just a tonneau cover to protect the interior from the rain while it's sitting. One thing that the Dutch company is definitely getting right is the weight. It claims that the MK1 weighs a dainty 772 pounds, including the battery pack. The low weight doesn't mean the MK1 is going to be lighting quick, though. It's being offered with a choice of three electric motors with 5 horsepower (for 16-year-old drivers in the Netherlands), 20 hp or 53 hp, and there are two sizes of battery pack. Buyers can also opt for a range-extending internal combustion engine. The 53-hp motor allows for a top speed of 62 miles per hour and a 124-mile range with the larger battery. Carice says its also willing to fit larger batteries or more power motors, at the buyer's expense, of course. Carice plans to build an initial production run of 10 cars with prices starting at 22,000 euros, before Dutch taxes (about $30,000). The company hasn't released a press release about the MK1, but you can learn more about speedster on its website; it's in Dutch, though. Featured Gallery Carice MK1 View 9 Photos News Source: Carice Cars Porsche Convertible Electric Performance electric sports car porsche speedster

Meet the new Porsche 718 Boxster and Boxster S

The rumors were mostly true. Porsche had already confirmed that the Boxster and Caymans would receive a "718" appended to their badges, in honor of their famous mid-engined racecar of the 1950s and '60s, but the mechanical details were left up in the air. We were almost certain both would be powered by turbocharged flat-fours of a couple of displacements and outputs, and now we can confirm that this is the case. Porsche has revealed the official specs for the 718 Boxster, which will go on sale in Europe this April. The biggest news concerns the flat-fours. The regular 718 Boxster will get a 2.0-liter, turbocharged flat-four producing 300 hp. The 718 Boxster S will get an extra half-liter of displacement and a variable-geometry turbocharger to produce a total of 350 hp. This represents a 35 hp gain over the current Boxster and Boxster S, respectively. Porsche also claims the turbo fours improve fuel economy by around 13 percent. By the NEDC European test cycle, the 2.0-liter gets roughly 34 mpg and the 2.5 gets 32 mpg, although rest assured that EPA test results will yield different numbers than the optimistic European test. Torque gains with the new boxer fours are significant. The 2.0-liter gains 74 lb-ft of torque for a total of 280 lb-ft from 1,950 to 4,500 RPM. The 2.5 gains less, 43 lb-ft, for a total of 309 lb-ft over the same rev range. The extra torque and wide torque band make the 718 Boxster quicker to 60 mph, at least when equipped with the PDK gearbox and the Sport Chrono Package. The 2.0-liter car does the deed in 4.5 seconds, a 0.7-second improvement, and the 2.5-liter car is claimed to hit 60 mph in 4.0 seconds, a 0.5-second improvement. 2016 Porsche 718 Boxster View 11 Photos Inside, a new dash houses the latest Porsche Communication Management infotainment system with a touchscreen, included on all 718 Boxsters as standard – although nav is an optional extra. The buttonless, capacitive-touch center stack we just spied on the next Panamera does not make it inside the 718 Boxster, which makes do with a very similar button layout to the current car. Both cars will come with a six-speed manual as standard, which is great news, and a PDK will be optional for both. Porsche also claims to have made the electrically-assisted steering more direct, and retuned the suspension. An optional PASM package lowers the car by 0.4 inches while providing the benefits of active dampers. From a styling standpoint, this is an evolution of the current theme.