The instructor pilot stated to the NTSB that they were slightly high when they passed 1,400 feet, and set vertical speed to 1500 feet per minute. At this point, the PAPI indicators displayed 3 red 1 white light, meaning they were too low. The instructor pilot told the flying pilot to pull back, and to set speed at 137 knots. He had assumed that the auto throttles were maintaining speed. Between 500 and 200 feet, they had a lateral deviation, and were low, and were trying to correct at that point. At 200 feet, the instructor pilot noticed the 4 PAPI lights were red, airspeed was in the hatched area on the speed tape, and that auto throttles were not working as anticipated. He went to push throttles forward, but found it was already done.