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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:

Volkswagen posts quarterly profit despite drop in sales

Volkswagen returned to profit in the third quarter as surging Chinese demand for luxury cars helped offset a 1.1% drop in vehicle deliveries due to the pandemic, sending its shares as much as 3% higher on Thursday. The German automaker's return to the black comes amid spiking coronavirus cases in Europe that led governments in France and Germany to order their countries back into strict national lockdowns on Wednesday. "The coronavirus remains a central problem," Volkswagen Chief Financial Officer Frank Witter said in a conference call with reporters. "This situation now is anything but relaxed." But Witter said the group expected the economic recovery to continue and did "not anticipate any nationwide lockdowns in larger markets." Witter said the takeover of U.S. truck maker Navistar International by Volkswagen's trucking unit Traton was an important acquisition, but the "current economic climate will not make this easy." Volkswagen reiterated it expects to post a profit for the full year, saying its business "recovered noticeably" in the third quarter as sales in China of premium vehicles, including Audi and Porsche sports cars, rose 3%. The quarterly performance was also aided by a series of cost-cutting measures launched earlier this year. Volkswagen said its net liquidity rose to 24.8 billion euros from 18.7 billion at the end of the second quarter. Excluding one-time items, third-quarter operating profit was 3.2 billion euros ($3.8 billion), down from 4.8 billion euros a year earlier, but up from a second quarter loss of 1.7 billion. In a note to clients, Jefferies analyst Philippe Houchois described the results as a "solid performance with strong cash, but relatively muted in the context of the (auto) sector recovery." Last week, German rival Daimler reported a record 24% jump in Chinese demand for its Mercedes-Benz cars, boosting its margins in the third quarter. Italian-American Fiat Chrysler Automobiles and Peugeot manufacturer PSA Group both also posted solid results this week. Witter said Volkswagen could not say for sure whether it would meet EU CO2 emissions targets this year, adding "it will be a tough race." At 1030 GMT, Volkswagen shares were up 2.9% at 129.20 euros. Related Video: Earnings/Financials Audi Bentley Bugatti Lamborghini Porsche Volkswagen

Bentley Continental has come a long way in 63 years

Ever wonder why Bentley calls its coupe the Continental? We'll give you a hint: it's not because it comes with orange juice and a breakfast roll. It's because the coupe was designed to traverse entire continents in speed and comfort. And it has been doing that for 63 years now. The fastest four-passenger vehicle of its day, the original Bentley R-Type Continental is considered to be the world's first grand tourer. The Continental was based on the R-Type saloon, retaining its 4.6-liter inline-six but replacing the four-door bodywork with an altogether more elegant, dynamic form. The two-door bodywork was crafted by H.J. Mulliner & Co, whose name still adorns Bentley's customization department, and whom parent Rolls-Royce favored over its usual Park Ward for its pioneering skills in lightweight construction. The result was a vehicle that could sweep along the highways constructed in post-war Europe with ease and grace at speeds up to 120 miles per hour. Of the 2,000+ R-Types that Bentley made in the early 1950s, only 208 were Continentals, making it one of the most sought-after Bentleys of all time – and one of the most beautiful. It's that spirit which the company aims to carry forth with its namesake, the latest Continental GT Speed, which stands as the fastest production model Bentley has ever offered. Of course it's not just on the road where Bentley forged its reputation, but on the racetrack as well. That history stretches back to the famous Birkin Blower that won at Le Mans in 1930 straight through to the Continental GT3 that scored podium finishes at Paul Ricard and the Nurburgring this year. Watch the video above and scroll through the galleries below to see Bentleys old and new come together and demonstrate the heritage that they're always crowing about in Crewe. BENTLEY CONTINENTAL: EVOLUTION OF AN ICON - New film features 16MY Continental GT Speed and R-Type Continental - Traces the DNA and design of the Continental from 1952 to present - 16MY GT Speed is the fastest production car ever made by Bentley (Crewe, 16 December 2015) The Bentley Continental GT is one of the most iconic cars on the road today. The Continental name first entered the company's lexicon in 1952 with the R-Type Continental – arguably the world's first Grand Tourer. With a top speed of 120 mph it was the fastest four-seater in the world at the time of its launch.