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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.

New info on how VW, Porsche, Audi V6 TDI engine cheat works

The German newspaper Bild am Sonntag is reporting that US investigators have found three pieces of software that work in concert to turn off the emissions control equipment in certain diesel models after a set period of time. The engine in question, the 3.0-liter TDI turbodiesel, was found in certain Volkswagen Touareg, Audi Q7, and Porsche Cayenne models – the sale of which was suspended in the US late last year. Since most emissions compliance testing takes around 20 minutes, the software in the three VW Group models shuts off the emissions control equipment after 22 minutes, a straightforward end run around the testing. Remember that the 3.0-liter TDI engines aren't included in the big buyback and recall program announced for the smaller 2.0-liter, four-cylinder TDI engines. The 3.0-liter engines will likely get their own program, but we don't know when to expect it or exactly what it will look like. Last month, California rejected a proposed fix for the larger TDI engines, and VW went back to the drawing board. Since the company is unlikely to create two fixes, one for California and one for the rest of the nation, the company can't really proceed until they figure out a solution California will accept. The EPA hasn't officially commented on the report, and we don't know how Bild am Sonntag came across the information, but we'll be closely watching what emerges after this report. Related Video:

A fix and buyback program for Audi V6 diesels may be on the way

While Volkswagen reached a settlement to buy back 2.0-liter diesel inline-fours with emissions defeat devices, the roughly 80,000 cars with 3.0-liter diesel V6s built by Audi have yet to be addressed. But a new report from Bloomberg indicates that a solution is near. The publication says that sources familiar with the situation say the company has a fix ready for the majority of the cars, and that the EPA and California Air Resources Board are ready to approve it. According to Bloomberg, this fix would involve a software update and would work for about 60,000 of the Audi A8, Q5, Q7, Porsche Cayenne, and VW Touareg models with the engine. The rest of the vehicles won't be fixable without major modification, so those would have to be purchased back from the owners. Bloomberg does point out that approval from the EPA and CARB are only one piece of the puzzle. The publication said that this deal has yet to be approved by owners of the cars and the Federal Trade Commission, both of which may demand that VW offer a buyback to all owners, even those whose cars can be fixed. The good news for owners of VW products with this engine, is that they should have some closure pretty soon. And owners that still like their diesel V6 can take solace that they might actually be able to get them fixed, as opposed to owners of the 2.0-liter diesels. VW offered buybacks to owners of all 475,000 cars with the turbo four-cylinders, or a fix when it's available. However, there have been no signs of an approved fix. Related Video: News Source: Bloomberg via Automotive NewsImage Credit: Sebastian Blanco Government/Legal Green Audi Porsche Volkswagen Diesel Vehicles vw diesel scandal audi diesel