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Audi CEO says brand's EVs are almost as profitable as its other cars

After, oh, a hundred years or so of building vehicles primarily powered by internal combustion engines, automakers around the world have been and still are pumping billions of dollars into the development of electric vehicle technology. Everything from platforms and batteries to motors and the software to control it all requires untold hours of development, and that takes time and money. Fortunately, it's not going to take long for that massive investment to start paying off, at least according to Audi CEO Markus Duesmann, who told Reuters in an interview that "The point where we earn as much money with electric cars as with combustion engine cars is now, or ... next year, 2023. They are very even now, the prices." As a brand, Audi contributed more than a quarter of overall profit for the massive Volkswagen Group, which has such powerhouse brands as Volkswagen and Porsche among others. Under the Audi umbrella are Lamborghini, Bentley and Ducati, and it seems those high-end branches aren't going anywhere, at least for now. "These brands ... are very valuable very profitable brands, where we can even expand the synergy level in the future," Duesmann said in the interview. "There are no plans whatsoever to get rid of them." Despite the overall profitability of the brand, the ongoing global chip crisis is causing headaches. "We had a very strong first half in 2021. We do expect a much weaker second half," said Duesmann, who added, "We really have trouble." In fact, so serious is the trouble that the brand is forced into "a day-to-day troubleshooting process" to limit the chip-shortage damage. The good news for the automaker is that Audi has been able to boost its profit margin from 8% prior to the pandemic in 2019 to 10.7% in the first half of 2021. The bad news is that various chip shortages aren't expected to get a whole lot better over the rest of the year. Related video:

Audi Self-Driving Car Gets First Permit In California

Computer-driven cars have been testing their skills on California roads for more than four years - but until now, the Department of Motor Vehicles wasn't sure just how many were rolling around. That changed Tuesday, when the agency issued testing permits that allowed three companies to dispatch 29 vehicles onto freeways and into neighborhoods - with a human behind the wheel in case the onboard computers make a bad decision. The German automaker Audi was first in the state to receive a self-driving car permit and already has plans to test drive an autonomous A7 around the Bay Area, according to the Los Angeles Times. These may be the cars of the future, but for now they represent a tiny fraction of California's approximately 32 million registered vehicles. Google's souped-up Lexus SUVs are the biggest fleet, with 25 vehicles. Mercedes and Volkswagen have two vehicles each, said Bernard Soriano, the DMV official overseeing the state's "autonomous vehicle" regulation-writing process. A "handful" of other companies are applying for permits, he said. The permits formally regulate testing that already was underway. Google alone is closing in on 1 million miles. The technology giant has bet heavily on the vehicles, which navigate using sophisticated sensors and detailed maps. Finally, government rules are catching up. In 2012, the California Legislature directed the DMV to regulate the emerging technology. Rules that the agency first proposed in January went into effect Tuesday. Among them: - Test drivers must have a sparkling driving record, complete a training regimen and enroll in a program that informs their employer if they get in an accident or are busted for driving under the influence off hours. - Companies must report to the state how many times their vehicles unexpectedly disengage from self-driving mode, whether due to a failure of the technology or because the human driver takes over in an emergency. They also must have insurance or other coverage to pay for property or personal injury claims of up to $5 million. California passed its law after Nevada and Florida and before Michigan. The federal government has not acted, and national regulations appear to be years away. It's impossible to know the total number of self-driving cars being tested on public roads because, unlike California and Nevada, Michigan does not require special permits to test self-driving cars on public roads.

Watch the Chevy Corvette dismiss its Euro rivals at the hands of a Brit magazine

European auto writers, especially the British, have a bit of a reputation for favoring their own domestic cars over foreign rivals in comparison tests. Just think about how many times you've heard Jeremy Clarkson deify the latest product of UK loins while denigrating an American rival as a hopeless "Yank Tank." However, we have to tip our hats to the folks at Autocar because in its latest video comparing the 2014 Corvette Stingray to the Porsche 911, Jaguar F-Type V8 S and Audi R8, it's actually given the Vette a fair shake.
Autocar has put the Stingray through a battery of tests against what it considers to be the three best sports cars on sale in Europe today. And while the tests that it has chosen are somewhat random and subjective, it has concluded that the C7 can stand up against its rivals, even irrespective of its price. It's one thing to hear about how great the Stingray is from American writers, but it's great to know that not all Brits think we've gone crazy for calling the new Chevrolet "exquisite."
Scroll down to see how it all plays out on video.