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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.

Autoblog's top 50 car photos of 2016

This one shouldn't need much explanation. We like cars a whole lot, and that includes not just driving them but taking great pictures of them. We've collected our 50 favorite images from this year in the mega-gallery above. It's a mix of old and new, with a healthy dose of vintage and modern race cars mixed in, and not one single shot under the harsh lights of an auto show. So click through and enjoy. Featured Gallery Autoblog's Top 50 Photos of 2016 View 50 Photos Image Credit: Copyright 2016 Autoblog.com Audi BMW Chevrolet Dodge Ferrari Ford Lamborghini Mazda McLaren Mercedes-Benz Porsche Rolls-Royce Volvo Convertible Coupe Motorcycle Luxury Racing Vehicles Performance Supercars Classics

Are you the Porsche Pajun?

The prospect of Porsche building a smaller version of the Panamera has been an on-again, off-again proposition as the German automaker seems to go back and forth on the project. Last we heard, Porsche had pushed back the so-called Pajun (shorthand for Panamera Junior) until 2019 at the earliest, but we could be looking at it right here.
The automaker's everything-but-automotive division Porsche Design is working on a luxury condo complex called (simply enough) Porsche Design Tower. It's been three years in the making and will take at least another year or two to complete, but the gist of it is that the 57-floor building will include 132 apartments, each with its own en-suite garage in which the residents' cars will be parked thanks to giant elevators.
Porsche Design released a series of renderings showing what the property will look like once complete. Most of the renderings feature Porsches, of course - production models you can find in any of the brand's showrooms, like the one just 23 miles away in Coral Gables. But one of the renderings of the giant glass elevators shows something rather unusual.