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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:

2015 Porsche 911 Carrera GTS [UPDATE]

UPDATE: An earlier version of this story referenced the 911's six-speed manual transmission, but of course, Porsche uses a seven-speed manual in this car. The text has been changed to reflect this. There are no fewer than 19 different models in today's Porsche 911 series. While each appeals to the enthusiast, the race-bred GT3 is the pinnacle of the automaker's rear-engined lineup. Unfortunately, and despite the GT3's racing circuit prowess, its rigid track-tuned persona is too grating for many as a daily driver. To satisfy those who put sporty driving dynamics at the top of their list, but don't want to compromise comfort, Porsche has introduced the 2015 911 Carrera GTS. Raising its performance quotient, the GTS model boasts a handful of standard features that elevate it above its Carrera S siblings. Mechanically, it features an enhanced 3.8-liter flat-six bolted into the tail of the widebody platform (shared with the Carrera 4 and GT3). Other goodies include Porsche Torque Vectoring (PTV), Porsche Active Suspension Management (PASM), a black-tipped Sport exhaust system and centerlock 20-inch 911 Turbo S wheels (five-lug wheels are a no-cost option). Cosmetically, the GTS is differentiated by its darkened lights, painted black wheels, Sport Design front spoiler, Sport Design exterior mirrors, black engine grille, rear black louvers (or lights on all-wheel drive models) and a 'GTS' logo on the lower doors. Inside the cabin are standard Sport Plus seats, Alcantera upholstery throughout with contrasting stitching, black gauges and anodized black aluminum trim. Offering us an excellent opportunity to put the second-generation GTS through its paces on a variety of roads, Porsche tossed us the keys in the LA Basin and pointed us towards Willow Springs Raceway, in the Mojave Desert. Driving Notes The GTS is offered in coupe or Cabriolet body styles, each with a choice between rear- and all-wheel drive. Buyers are also offered a choice between a traditional seven-speed manual gearbox or Porsche's seven-speed dual clutch transmission (PDK). The GT3, meanwhile, is only offered as a coupe with PDK. We grabbed the keys to a Guards Red rear-wheel drive coupe with PDK for our outbound drive, and a GT Silver Metallic all-wheel drive Cabriolet with a seven-speed manual for our return trip. Finding another 30 horsepower from the naturally aspirated 3.8-liter flat-six required some old-fashioned tricks.

UPDATE: Porsche could raise its stake in Rimac, and Rimac weighs in

CLARIFICATION: An earlier version of this Reuters story said Porsche could raise its stake in Rimac to nearly 50%, but Rimac reached out to Autoblog to say that's not so. Here is a statement from Mate Rimac: "We have a very strong partnership with Porsche that is key for Rimac Automobili. Porsche is a shareholder in Rimac since 2018 with 15.5% ownership currently, accumulated over several rounds of investment. While it is true that we are discussing further expansion of this collaboration that will lead to increase of Porsche's stake in Rimac Automobili, some media have mistakenly reported that Porsche would take over 50% or nearly 50% of the company.   We are very happy that the partnership with Porsche will strengthen even further, but it is in the interest of both Rimac and Porsche that Rimac is a fully independent company. We are working with many car companies that are not our shareholders and there is a clear separation between shareholding and projects. It is very important to us that our industry customers have the peace of mind that Rimac is independent and that there is an "Information Firewall" between projects and shareholders (not only Porsche, but also Hyundai and others) - and this will not change. Confidentiality is very valued in the industry and one of the basics for collaboration between companies. Our shareholders are happy with such an arrangement and expect the same level of professional behaviour and confidentiality for their projects and customer projects.   So, the point is: Porsche's stake will increase but nowhere near to 50% and Rimac will remain independent with many industry customers that are not our shareholders/investors." The original story, with the 50% reference removed, appears below.   FRANKFURT — Volkswagen unit Porsche is participating in a financing round of Rimac Automobili that will see the electric supercar maker raise 130 million-150 million euros ($157 million-$181 million), its owner Mate Rimac told weekly Automobilwoche. The fundraising should be completed in two to three months and another round is planned at the end of the year, Rimac told the trade journal. Porsche owns a 15.5% stake in Rimac Automobili and could raise its stake in a deal that would also include the transfer of Volkswagen's supercar brand Bugatti to Rimac, Automobilwoche said. Volkswagen and Rimac were not immediately available for comment on Sunday.