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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.

J.D. Power: Vehicle dependability at all-time high, Lexus and Porsche lead

Each year, J.D. Power and Associates surveys original owners of three-year-old vehicles to find out what kinds of problems they have had experienced over the last 12 months, and then it uses this data to create its annual Vehicle Dependability Study. This means that the models in the 2013 study are 2010 model year vehicles, and J.D. Power rates each make as well as the top individual models based on how many problems were experienced per 100 vehicles (PP100).
Debunking the idea that carryover models are more dependable than new or updated models, the 2013 study found that the average carryover model experienced 133 PP100, while all-new or redesigned vehicles for the 2010 model year had 116 PP100; vehicles that received minor changes fared the best with just 111 PP100. The overall average for all makes was 126 PP100, which is the lowest figure since the findings were first issued in 1989.

Is Porsche planning a GT5?

A trademark application filed in Europe suggests Porsche could be planning a GT5 model to slot at the bottom of its track-focused sports car lineup. The German automaker's GT skunkworks division in Weissach earned its reputation with enthusiasts producing the GT3 and GT3 RS versions of the 911, and previously offered GT2 and even GT1 models as well (although the latter was a limited homologation special). It recently extended itself slightly downmarket with the launch of the Cayman GT4, but this trademark application – already reportedly accepted in Germany and currently being reviewed by the European office – suggests an even more accessible model could be on its way, Autocar reports. Just what form a GT5 would take, however, remains a mystery. The numerical progression would suggest that Porsche is planning a hardcore version of an even smaller sports car, if such a project ever got off the ground to slot in below the Boxster and Cayman. Given that the 911 has bred both GT2 and GT3 versions, Weissach could alternatively be planning an additional GT version of the Cayman, or planning a hardcore version of the Boxster. The prospect of a GT5 version of the Macan, Cayenne, or Panamera seems unlikely as the alphanumeric designation has never been applied to anything other than a two-door coupe, but then we never really know what the future will bring: Before 2002 Porsche had never done anything with more than two doors altogether. These designations are typically borrowed from their corresponding racing class, and of course there is no GT5 category. But then most of these racing classes have been amalgamated into GT3 anyway, unless Porsche is planning on using the name for its own entry-level spec racing series. But at this point we're just spitballing. It's just as likely that the company has simply filed the trademark application to keep its options open for the future. Related Video: