After a solid fiscal year 2023:
Audi strengthens

After a solid fiscal year 2023: Audi strengthens and expands its product portfolio

  • CEO Gernot Döllner: “We are positioning ourselves for the future economically, technologically, and strategically. The Q6 e-tron* is the next technological leap in electric mobility from Audi.”
  • CFO Jürgen Rittersberger: “Audi has the financial strength to succeed even in times of technological change and more intense competition.”
  • Revenue increases to €69.9 billion, operating profit to €6.3 billion, net cash flow nearly on par with previous year at €4.7 billion

Dubai, United Arab Emirates (21 Mar 2024): 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.

“We are positioning ourselves for the future economically, technologically, and strategically, and we are putting our new products on the street one by one,” says Gernot Döllner, CEO of AUDI AG. “The basis is a binding agenda focused on our key areas of activity: financial performance, excellent products, and a flexible and agile corporate structure. In this way, we are accelerating the transformation in a challenging economic environment.”

Deliveries: growth in all core regions

Within the Audi Group, Audi, Bentley, Lamborghini, and Ducati pool their expertise in the Brand Group Progressive**. In fiscal year 2023, the brand group delivered 1,918,912 (2022: 1,638,638) cars and 58,224 (2022: 61,562) motorbikes to customers. With deliveries of 1,895,240 cars, the Audi brand achieved an increase of 17.4 percent over the previous year due to high demand and the improved supply situation.

Further strong growth in electric vehicles

In 2023, the Audi Group again saw very strong growth in deliveries of fully electric vehicles. The Audi brand delivered 178,429 fully electric models, a significant increase of 51 percent. These figures highlight the company’s transformation to a provider of fully networked premium electric mobility.

In 2024, Audi is taking the next step toward electric mobility: The Premium Platform Electric (PPE), developed jointly by Audi and Porsche, will provide the technical basis for upcoming technologically advanced, fully electric vehicles. The PPE accommodates a wide range of models in the mid-size and luxury segments.

The new Audi Q6 e-tron* is first in line: It is Audi’s first production model based on the PPE. Representing a new generation of Audi models, the Audi Q6 e-tron* sets new standards in efficiency, range, charging, and design. The E3 1.2 electronic architecture is updatable and upgradable; the operating concept has been completely redesigned. With it, Audi is taking the next steps on the road to the fully connected car. The Audi Q6 e-tron* is also the first fully electric model to be built in Ingolstadt.

Revenue increased further

Audi Group revenue reached €69,865 (2022: 61,753) million in fiscal year 2023. The 13.1 percent increase over the previous year is due in particular to solid sales performance, high demand, and the more stable supply situation. The fully electric Audi Q4 e-tron* and Audi Q3, Audi Q5, and Audi Q7 series made a particularly significant contribution to this growth.

Solid operating profit, operating margin within expected corridor

The operating profit of the Audi Group reached €6,280 (2022: 7,550) million, despite negative effects from raw material hedging transactions. While these had a positive effect of €0.8 billion in the previous year, they decreased the operating profit by €-0.9 billion in 2023. The operating margin was within the expected corridor at 9.0 percent.

Audi is giving its employees a share in the profits in recognition of their efforts during the challenging year of 2023. For a skilled worker at the German plants, for example, the Audi profit share in 2023 amounts to €8,840 (2022: 8,510). Profit sharing is based on a formula set forth in the labor agreement that takes the operating profit into account, among other factors.

Solid financial result, net cash flow remains high

The Audi Group’s financial result was €1,423 (2022: 1,522) million in 2023. Profit after taxes amounted to €6,260 (2022: 7,116) million.

The Audi Group’s net cash flow was €4,740 million, on par with the strong performance in the previous year (4,808 million).

A look at the 2024 fiscal year

“Solid finances create the framework for the coming years in which we will continue to advance our transformation”, says Audi Chief Financial Officer Jürgen Rittersberger. “That is why we have launched our Performance Program 14. It is an effective program to ensure our profitability. In the long term, we want to achieve an operating margin of 14 percent for the Brand Group Progressive.”

Vorsprung durch Technik is once again moving to the core of the brand. This underscores the company’s leadership in quality and design.

Overall, the conditions remain very challenging in 2024. The macroeconomic situation remains difficult. Audi expects the markets to stay highly competitive. At the same time, it is important to offer a flexible portfolio of drive systems. In order to respond to changes in demand, the company is preparing for the future by producing both electric cars and combustion-engine models.

Assuming slight economic growth and a stable supply chain for parts, the Audi Group expects to generate revenue between €63 billion and €68 billion in the 2024 fiscal year. The operating margin is expected to be between 8 and 10 percent. In terms of net cash flow, the Audi Group is expecting between €2.5 and €3.5 billion.

Selected Audi Group key figures at a glance

20232022
Brand group deliveries1,918,9121,638,638
Audi brand deliveries1,895,2401,614,231
Revenue in EUR million69,86561,753
Operating profit in EUR million6,2807,550
Operating margin in percent9.012.2
Net cash flow in EUR million4,7404,808
Financial result in EUR million1,4231,522
Profit after tax in EUR million6,2607,116
EU-taxonomy-aligned revenue in percent16.313.5

 

Audi Group projections for 2024

2024
Revenue in EUR million63,000–68,000
Operating margin in percent8–10
Net cash flow in EUR million2,500–3,500

**The Brand Group Progressive describes the Audi Group with the Audi, Bentley, Lamborghini, and Ducati brands. The terms “Audi Group”, “Brand Group Progressive”, and “brand group” are used synonymously here.

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