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Audi reportedly will cut costs by $12B to fund electric-car push

BERLIN - Audi aims to cut costs by 10 billion euros ($12 billion) by 2022 to fund a shift to electric cars as it seeks to move on after the emissions scandal, sources close to the carmaker said. Audi, Volkswagen's main profit driver, plans to bring five new all-electric models to market in coming years, starting with the E-Tron sport-utility vehicle (SUV) to be assembled from 2018 in Brussels. Despite run-up costs for its electric-car program, the luxury automaker wants to keep its operating profit margin at 8 percent a year at least, two sources close to Audi said. Its profit margin in the first half of this year was 8.9 percent. The bulk of the $12 billion cost savings would come from cutting research and development costs, the sources said. A spokesman at Audi's headquarters in Ingolstadt, Germany, declined comment. German business daily Handelsblatt reported the cost-savings target and profitability plans earlier on Sunday. Audi also aims to free up money for investments in zero-emission technology by developing a new production platform with Porsche, allowing both VW premium brands to save money by sharing components and modules. Audi is grappling with car recalls, prosecutor investigations, and persistent criticism from unions and managers over the diesel emissions scandal and its post-dieselgate strategy. Sources told Reuters on Friday that four of the brand's seven top executives are earmarked for dismissal in the near future. On Sunday, sources said the dismissals were discussed by supervisory board members last Thursday but a formal decision has yet to be taken. Reporting by Andreas CremerRelated Video: Featured Gallery Audi E-Tron Quattro View 11 Photos Image Credit: Reuters Green Plants/Manufacturing Audi Emissions Technology Emerging Technologies Diesel Vehicles Electric Luxury e-tron dieselgate diesel emissions

Audi goes out of this world to sell R8 at the Super Bowl

Audi lets the new R8 V10 Plus blast off in the German brand's space-themed Super Bowl ad titled The Commander. The touching commercial puts a forlorn, retired astronaut behind the supercar's wheel, and he gets to relive the experience of leaving the bonds of Earth. Plus, David Bowie's Starman is the perfect choice for the score. Audi's ad makes the clever decision to link the supercar's rapid acceleration to a rocket launch in in viewers' minds. The spot also resonates emotionally because the retired astronaut only experiences the R8's performance because his son is worried about him. While not as humorous, we think the new spot does a better job of selling the R8's capabilities than the company's famous The Godfather Super Bowl commercial. The 60-second version of The Commander (above) will air during the game's first quarter. You can watch a 90-second cut below to enjoy a little more of the R8 and Bowie. SHOOTING FOR THE MOON, AUDI DEBUTS BIG GAME SPOT CALLED THE COMMANDER 60-second spot to air in first quarter of the big game Feb. 7 "The Commander" to feature the next-generation Audi R8, arriving in U.S. showrooms in Spring 2016 2016 marks return and eighth year for the brand as a big-game advertiser February 03, 2016 - HERNDON, Virginia -- Audi of America returns to the biggest night in football with a 60-second commercial titled "The Commander." A 90-second extended version of the spot is now live on the Audi YouTube channel. Featuring the all-new Audi R8 V10 plus, "The Commander" will air on Sunday, Feb. 7 during the first quarter of the Big Game. San Francisco-based Venables Bell & Partners created the commercial. "The Commander" tells the story of a retired astronaut who rediscovers his lust for life. Viewers watch as the man, surrounded by memories of the golden age of space exploration, sits solemnly, deep in reflection. When his son hands over the keys to a new Audi R8 V10 plus, he gets behind the wheel and relives the thrill of a rocket-like ride under the stars. Viewers watch as newfound life stirs within the Commander. Audi reminds us that amazing things happen when we shoot for the moon. The 2017 R8 is the fastest and most powerful Audi of all time. In its second generation, the all-new Audi R8 V10 plus has a top speed of 205 mph with a 3.2-second 0-60 mph time for "rocket-like" performance.

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