#Progressive

The Audi Group's financial performance in the first nine months reflects the challenging macroeconomic situation. This includes a difficult market environment and expected restructuring expenses, for example as a result of a possible alternative use or a possible plant closure of the Brussels site. In the first nine months of 2024, revenue amounted to €46.3 billion, operating profit was €2.1 billion, and net cash flow amounted to €3.8 billion. The Progressive* brand group delivered a total of 1,251,381 vehicles from January to September, including 115,788 all-electric models. Audi is currently launching electric models and highly efficient combustion-engine vehicles in important core model series as part of a major product initiative. With the Audi Agenda, the company is also increasing its competitiveness and improving its processes and organizational structures.

Marco Schubert is returning to Audi after three years and becoming the new Member of the Board of Management for Sales and Marketing. The Supervisory Board of Audi made this decision on August 30, 2024. Schubert succeeds Hildegard Wortmann, who is leaving the Audi Board of Management on August 31, after five years at her own wish and by harmonious mutual agreement. At the same time, Wortmann will leave her role in the Extended Executive Committee of Volkswagen Group.

Audi is further intensifying the collaboration with SAIC and SAIC Volkswagen in a Cooperation Agreement. Audi and SAIC have decided to jointly develop new models built on a China-specific platform named “Advanced Digitized Platform” for the next generations of premium intelligent, connected vehicles (ICV). Cooperation starts with three BEV models covering B and C segments to quickly enter into the dynamic and fast-growing electric vehicle market in China.

2024 will be a demanding year for the Audi Group. The challenging market environment and supply bottlenecks, especially for V6 and V8 engines, had a particularly negative impact on operating profit in the first quarter of the year. The company also has to manage numerous product ramp-ups. Revenue reached €13.7 billion in the first quarter of the year, while operating profit amounted to €466 million. The operating margin was 3.4 percent. In the first three months of the year, the Brand Group Progressive delivered 402,048 automobiles to customers – a decline of 4.7 percent. The demand for fully electric models, however, increased by 3 percent. Audi registered a significant increase of 13.7 percent in China, with 156,082 models delivered.

Ahead of Auto China 2024 in Beijing, Audi is poised to showcase its strategy and all-electric portfolio for the world’s largest automotive market. With them, the brand with the four rings is strengthening the foundation for continued success in the country. Highlights at the booth include the world premiere of the Audi Q6L e-tron, set to be produced at the new Audi FAW NEV Company factory in Changchun. At Volkswagen’s Group Night and at an Audi press conference on opening day, Audi will also outline its further roadmap for the electric transformation of its offering in China.

The Audi Group has achieved a solid result in the 2023 fiscal year under challenging economic conditions. Revenue rose by 13.1 percent to €69.9 billion, the operating profit was €6.3 billion, and the operating margin was 9.0 percent. Net cash flow was nearly on par with the previous year at €4.7 billion. With numerous new models, Audi will significantly strengthen and expand its product portfolio in the coming years: The world premiere of the fully electric Audi Q6 e-tron, the first model on the new Premium Platform Electric (PPE), heralds a series of product launches. More than 20 new models are planned for 2024 and 2025.

The Audi Q6 e-tron is the first production model on the Premium Platform Electric (PPE), marking the next step in the company's transformation into a provider of premium electric mobility. With its characteristics, the electric SUV stands for Vorsprung durch Technik. The model is defined not only by impressive driving and charging performance, but also by increased efficiency and long range. The Audi Q6 e-tron embodies typical Audi SUV styling with a further refined e-tron design language. The new design philosophy in the interior and pioneering technologies debuting in the new model, begin the next chapter in electric mobility for the Four Rings and make Vorsprung durch Technik a tangible experience every day. With the Q6 e-tron range, e-mobility is coming from the Ingolstadt plant for the first time. The Audi Q6 e-tron quattro and SQ6 e-tron will be available to order from March 2024 at a price of 74.700 and 93.800 euros and will be delivered to customers in the third quarter of 2024.

The Audi Group is following up on a strong first half of the year and reports increased delivery figures after nine months: Between January and September, the Progressive brand group delivered around 1,405,000 Audi, Lamborghini, and Bentley vehicles – 16 percent more than in the same period last year. The increase was particularly strong in the USA and Europe. Revenue rose by 13 percent to €50.4 billion in the first nine months, while the operating profit was €4.6 billion. The operating margin was within the target corridor at 9.1 percent. Once again, the brand with the four rings demonstrated its strength in fully electric models with deliveries of more than 123,000 vehicles – an increase of 60 percent – demonstrating the success of the electrification strategy.

The Volkswagen Group is undergoing the biggest transformation process in its history as it evolves from an international automotive company into a software-centric global leader in sustainable mobility by 2030.