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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:

Lamborghini Aventador LP 750-4 SV retails for nearly $500k

Nobody ever said that buying a new Lamborghini would be an inexpensive proposition, but if the ~$200k sticker price on a new Huracan strikes you as high enough, you're don't even want to know how much the Raging Bull's new flagship costs. Presented this weekend for the first time in North America at the Amelia Island Concours d'Elegance, the new Aventador LP 750-4 SV will set American customers back an eye-watering $485,900. Add to that the $3,700 gas-guzzler tax and $3,495 destination charge and you're looking at $493,095. That's just $6,905 short of half a million, and even that will disappear pretty quickly once you factor in all the gasoline and rubber you'll be burning through if you do right by the beast and actually drive it... not to mention insurance. That makes the new SuperVeloce nearly $100k more expensive than the Aventador coupe on which it's based, but hardly the costliest Lambo to date. That honor would go to the Veneno, which cost around $4 million. The half-million sticker price nets a twelve-cylinder supercar with 740 horsepower on tap, a 0-62 time quoted at 2.8 seconds and a top speed pegged at 217 miles per hour, making it one of the fastest cars money can buy – a stacking up rather well against hypercars like the Koenigsegg Agera, Pagani Huayra and Bugatti Veyron that cost many times more than the Aventador SV. Related Video:

If VW defaults on loans it may sell Bentley or Lamborghini

If something goes catastrophically wrong with Volkswagen Group's recent $21 billion loan, brands like Bentley or Lamborghini could hit the auction block. According to two insiders to Reuters, the beleaguered German automaker agrees with its creditors to sell assets if the company somehow can't pay back the debt in a year. One of these anonymous people claimed the company hasn't yet deliberated over what to sell. However, the sources were willing to speculate that the power engineering portion of Man could be among the first to go. "Volkswagen may also consider divesting luxury car brands Bentley and Lamborghini or motor bike brand Ducati, although these units don't really move the needle," an insider said to Reuters. VW Group negotiated with the banks earlier this week to get the massive loan. The cash is necessary as a buffer in case the automaker doesn't have enough money on hand to repair vehicles or settle upcoming fines. VW would reportedly issue bonds in the spring to begin paying the debt. The company's bills will start racking up quickly in the new year. German authorities mandate a recall there in early 2016, and repair campaigns in the US for the 2.0- and 3.0-liter diesel engines are inevitable. There are also hundreds of class-action lawsuits to settle. The company needs to resolve its CO2 emissions scandal in Europe, too. In response to these financial threats, VW management created a cost-cutting plan to slash the research and development budget by $1.1 billion next year.