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Volkswagen warns of slowing global auto markets

FILE - In this Oct. 5, 2015 file photo the VW sign of Germany's car company Volkswagen is displayed at the building of a company's retailer in, Berlin, Germany. Diesels bought back by Volkswagen during its emissions-cheating scandal are trickling back into the marketplace after being brought up to emissions standards. Bargain hunters may be intrigued by the high fuel economy and refreshed warranties of these fun-to-drive used diesels. (AP Photo/Markus Schreiber, File)

FRANKFURT — Volkswagen says its profits jumped 44% in the third quarter thanks to a more profitable mix of vehicles but warned that global markets are slowing more than expected and lowered its forecast for annual sales.

After-tax profit rose to 3.98 billion euros ($4.42 billion) as revenue rose 11% to 61.42 billion. The sales margin of 7.8% exceeded the goal of 6.5-7.5%.

The Wolfsburg-based automaker said it expects “that 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 10.8 million vehicles. Previously it had expected a slight increase. The company stuck to its profit forecast but said it would be in the lower end of its range.

The Associated Press

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