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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:

German judge 'inclined to dismiss' hedge fund lawsuit against Porsche

Last year, around two dozen investors, including hedge funds, leveled a 1.4 billion euro ($1.95 billion at the time) lawsuit against Porsche in connection with the automaker's attempted takeover of Volkswagen in 2008. The Stuttgart Regional Court dismissed the case. Around 19 of those plaintiffs are heading back to court to appeal the ruling and still hope to get 1.2 billion euros ($1.4 billion). However, according to one German judge, the chances for success aren't any better this time around. "On balance it's our view that we consider the lawsuit, or the appeal, to be unpromising for several reasons," Gerhard Ruf, a judge in Stuttgart, said to Reuters. "We are inclined to dismiss the case." The court's ruling on the appeal will be announced on March 26. The investors' case hinges on Porsche's strategy surrounding the botched takeover. The sports car maker said that it wasn't trying to control VW, when in fact it was. These hedge funds had bet against Volkswagen stock, but the share price surged when Porsche's plan inevitably came to light. Investors have sued the sports car company multiple times since then in attempts to recoup billions of dollars. However, none of the lawsuits have been successful, whether attempted in the US or Germany. Former Porsche CEO Wendelin Wiedeking and and CFO Holger Haerter might still stand trial for the alleged stock manipulation, though. News Source: ReutersImage Credit: Matthias Rietschel / AP Photo Government/Legal Porsche Volkswagen lawsuit hedge funds porsche lawsuit

2019 Toyota Corolla vs. compact hatchbacks: How they compare

So you've read what we thought about the 2019 Toyota Corolla Hatchback. Oh, you didn't? Well, click to your left, we'll still be here. Just made some coffee, we're good for a while. Welcome back! Wasn't that riveting? The blue paint sure is bright, eh? Well, now you must be wondering how that new 2019 Corolla stacks up with all the other hatchbacks. And, despite long thinking that hatchbacks were doomed, there are actually quite a lot of them these days. So many, in fact, that we couldn't fit them all in our space-limited comparison chart. So, with apologies to the Hyundai Elantra GT, Kia Forte and the dead-man-walking Ford Focus, these were the cars we chose based on sales and competitiveness: the Honda Civic Hatchback, Mazda3 5-Door, Volkswagen Golf, Chevrolet Cruze and Subaru Impreza. We also included the outgoing Corolla iM for reference. If you think we've left something of interest out, you can always create your own comparison. Performance and fuel economy There is but one king here, and its name is Civic. While the sedan and coupe come with a naturally aspirated 2.0-liter 158-horsepower four-cylinder that's less potent than the Corolla's, the hatchback comes standard with the 1.5-liter turbo that aces the segment in terms of both acceleration and fuel economy. The Golf's acceleration should be comparable, but as you can see, it trails on fuel economy (still not bad, though). The new Corolla ends up being better than the rest with its new 168-hp four-cylinder paired to novel transmissions: a six-speed manual with rev-matched downshifting (!) and a CVT that mimics the actions of a 10-speed automatic. The Corolla does weigh more than everything else, though, so that could hamper its acceleration. Fuel economy data also wasn't announced, but Toyota indicated it would be a bit better than the old Corolla iM. Something akin to the 2.0-liter Mazda 3's numbers seems likely. As for the Mazda, its top two trim levels actually come standard with its bigger engine. In any event, despite its ample power, testing has often showed that the Civic is still the quicker car from 0 to 60 mph. And finally, let's not leave out the two on the end. The Subaru is the only car in the segment that offers all-wheel drive (the Focus RS and Golf R don't count), but is also the segment weakling now that the Corolla iM has been discontinued.