Audi Group, the premium brand of Volkswagen Group, has reported a profit after tax of €2.42bn ($2.6bn) in the first nine months of 2024, down 45.8% from €4.47bn during the same period in 2023.
Revenue also fell by 8.2% to €46.26bn, reflecting the challenging macroeconomic situation, including a difficult market environment, and expected restructuring expenses, including potential changes at the Brussels plant.
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The financial result after the third quarter of 2024 amounted to €1bn, a decrease from €1.21bn in 2023.
Deliveries to customers across the group declined by 10.9%, with a total of 1,251,381 units delivered, compared with 1,404,428 in 2023.
By brand, Audi delivered 1,235,590 units, a 10.9% decrease from the previous year.
Bentley faced a more pronounced drop of 26.6%, delivering 7,380 units.
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By GlobalDataIn contrast, Lamborghini saw an 8.6% increase in deliveries, reaching 8,411 units.
Ducati motorcycle deliveries decreased by 8.5%, with 43,773 units delivered.
In Europe, deliveries decreased by 9.8%, with significant drops in Germany (19.8%) and more moderate declines in the UK (5.5%) and France (1.7%).
Italy, however, experienced a growth of 4.4%. Spain saw a 7.1% decrease in deliveries.
In the US, Audi deliveries fell by 16.8%, with sharper declines in Mexico (18.6%) and Brazil (8%).
Mainland China and Hong Kong also saw an 8.5% decrease in deliveries.
Despite the downturn, Audi Group maintains its revenue expectation for 2024, projecting between €63bn and €68bn.
Audi Group CFO Jürgen Rittersberger said: “Audi is consistently working on its financial performance against the backdrop of a complicated macroeconomic situation and stiffer competition.
“Our current focus is on further increasing our efficiency and competitiveness. With the Performance Program 14, we are addressing both cost and revenue potential. At the same time, we are launching numerous new models onto the market during a challenging transition phase, which will gradually impact volumes and earnings from 2025.”
