Volkswagen warns of slowing global auto markets

FRANKFURT, Germany (AP) — 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.