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Autoblog Minute: VW Q3 financial woes, 2015 Tokyo Motor Show

Consumer Reports pulls its Tesla recommendation, the U.S. Copyright Office offers a ruling affecting car owners, VW gets hit hard with third-quarter losses, and lots of exciting news from Tokyo. Autoblog senior editor Greg Migliore reports on this edition of Autoblog Minute Weekly Recap. Show full video transcript text [00:00:00] Consumer Reports pulls its Tesla recommendation, the U.S. copyright office offers a ruling that affects car owners and gear heads, VW gets hit hard with third-quarter losses, and lots of exciting news from Tokyo. I'm senior editor Greg Migliore and this is your Autoblog Minute Weekly Recap. After a week away testing vehicles for Autoblog's Tech of the Year award, we're back in the office to recap the week in automotive news. [00:00:30] One of the things you might have missed was Consumer Reports pulling its recommendation of Tesla's Model S sedan. The blemish for Tesla comes after a tally of reviews from customer surveys. The most common problem areas for the Model S as cited by survey takers included: the drivetrain, power equipment, charging equipment, body and sunroof squeaks, rattles, and leaks. So lots of stuff. Though they could not ignore a score of "worse-than-average", Consumer Reports still [00:01:00] highlighted the fact that the Model S was "the best performing car" they've ever tested. Telsa CEO Elon Musk took to social media to defend his sedans saying: "Consumer Reports reliability survey includes a lot of early production cars. Already addressed in new cars." And, "Tesla gets top rating of any company in service. Most important, CR says 97% of owners expect their next car to be a Tesla (the acid test)." In Financial news, Volkswagen took a hit and reported an operating loss of [00:01:30] $3.84 billion. This is the first such loss for VW in 15 years. Toyota reclaimed the crown as the world's largest automaker as well. It's important that it's not all doom and gloom for VW though in Q3. Sales revenues were up and the company's automotive division boasts $30 billion dollars in liquid assets. It's a sizable war chest that will no doubt come in handy, as the company has yet to feel the full brunt of the diesel emissions scandal. Good news for gear heads. The US copyright office [00:02:00] ruled in favor of mechanics and car owners by granting an exception to existing copyright law. The law was originally meant to prevent software pirating and bootlegging of Hollywood movies.

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:

Prosecutors in Argentina wants Top Gear to stand trial

Jeremy Clarkson may have left Top Gear behind, but some of his actions on the show may come back to haunt him. Prosecutors in Argentina reopened a criminal case against Clarkson last week, which may result in a prison sentence, over last year's now infamous insulting license plate incident, the Telegraph reported. Top Gear, and Clarkson in particular, had a reputation for going out of their way to insult other cultures. Clarkson was already on notice for racist remarks and social media posts when he punched a producer, ending his career at the BBC. So it was not a huge surprise when the team ran into trouble in Argentina while filming a 1,400-mile road trip for the show's 2014 Christmas special. Now for the history; Argentina and England have a long running disagreement that goes all the way back to the age of empire. At various times, a small set of islands off the coast of Argentina, called the Falklands, have had French, British, Spanish, and Argentine settlements. Britain claimed for their own in 1833. In 1982, Argentina and Britain fought a short, bloody war over the islands. Britain emerged victorious and still holds the islands to this day, though Argentina still claims them. Enter the Top Gear lads and their cars. Clarkson was driving a Porsche 928 with a license plate reading H982 FLK. Producers for the show deny up and down that the plates were not intended to cause such ire. Intentional or no, residents took the plate as a jab at the country's defeat in 1982. First, Clarkson was banned from the city where the road trip was supposed to wrap up. Then, angry Argentines threw stones at the hosts, forcing Top Gear to abandon filming and flee the country. In April, a judge deemed the plates intentionally disrespectful and blamed the show for causing a riot. Now the case is being reopened in Argentine courts, partly at the urging of veterans from the Falklands War. Prosecutors are saying that Top Gear changed the Porsche's plates with full knowledge that such actions were illegal. The case could take years to wind its way through the court system and drag all three Top Gear presenters in front of a judge. At the end, if found guilty, Clarkson could face three years in an Argentine prison.