Audi AG: 2024 Annual Media Conference

Buoyed by a strong financial result, Audi is positioning itself for the future in terms of profitability, technology, and strategy with the launch of its model initiative. On this page, you will find everything you need to know about the Annual Media Conference 2024, including the financial figures and key statements from board members. Plus: the highlights of the new Audi Q6 e-tron1.

[source: Audi AG]

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

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.

Audi saw strong growth in its core markets of Europe, China, and North America. In order to secure its long-term competitiveness, the company is refining its regional strategies. This includes adding more market-specific offerings, particularly in China:

From the end of 2024, the Audi FAW NEV Company Ltd., a joint venture between Audi and FAW, will produce electric cars designed specifically for the Chinese market in Changchun.

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-tron1, 2))) 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.

At the same time, Audi is driving the paradigm shift toward software-defined vehicles (SDVs), which focus on software-based solutions and the virtual customer experience. Together with CARIAD, the Volkswagen Group’s software unit, and the Volkswagen brand, Audi is initiating an SDV Hub to facilitate this shift. At the joint competence center, experts are working on the hardware, software, and electronic architecture for the next generation of electric cars.

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. The share of EU taxonomy-aligned revenue rose to 16.3 (2022: 13.5) percent.

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.

Good performance from Bentley, Lamborghini, and Ducati

The strong financial performance of the Bentley, Lamborghini, and Ducati brands contributed to the brand group’s result. Lamborghinidelivered 10,112 (2022: 9,233) cars to customers in fiscal year 2023, for a strong growth of 9.5 percent. Revenue exceeded the very strong previous year by 12.1 percent, increasing to €2,663 (2022: 2,375) million. The operating margin was 27.2 percent; the operating profit reached €723 million.

Bentley delivered 13,560 (2022: 15,174) cars. Revenue amounted to €2,938 (2022: 3,384) million. The operating margin reached 20.1 percent; the operating profit was €589 million.

Ducati delivered 58,224 motorbikes to customers last year – a slight decrease compared to the record year of 2022 with 61,562 deliveries. At €1,065 million, the brand’s revenue was also slightly below the very strong previous year (€1,089 million). The operating margin reached 10.5 percent; the operating profit was €112 million.

Solid financial result, net cash flow remains high

The Audi Group’s financial result was €1,423 (2022: 1,522) million in 2023. The China business contributed €915 (2022: 1,153) million to the financial result. 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

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

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

At AUDI AG’s Annual Media Conference, CEO Gernot Döllner and CFO Jürgen Rittersberger presented and assessed the financial result for the 2023 fiscal year. They also offered a glimpse of the numerous models to be launched over the next two years and provided information on the company’s strategic focus. Their key statements at a glance:

Key statements from board members

Gernot Döllner:

  • “The Audi Q6 e-tron1, which celebrated its world premiere last night, marks the first time electric mobility is coming from Ingolstadt.”
  • “The Audi Q6 e-tron1 is the start of an extensive product initiative that we will use to rejuvenate our portfolio over the coming years. We are planning more than 20 new models in 2024 and 2025, including the presentation of the Audi A6 e-tron in the summer of 2024 and the new generation of the Audi A5 and Q5 as the first models on the new Premium Platform Combustion (PPC) in the second half of the year.”
  • “Despite the recent public debate, there is no doubt the future of the car is electric. At Audi, we will electrify all core segments by 2027 and have defined a fully electric target portfolio. In addition, the transitional period will require starting off with highly efficient combustion-engine models and plug-in hybrids. With the models that are coming now, we are well positioned and able to actively respond to a range of customer requirements.”
  • “The 50 percent increase in electric vehicles delivered in 2023 confirms our path toward electric mobility.”
  • “We are experiencing rapid transformation in the automotive industry. Technological revolutions, new competitors, and a difficult global economy are challenging all established car manufacturers.”
  • “We can shape the transformation from a position of strength. But in this complex environment, focus and speed are critical.”
  • “The Audi Agenda focuses on three key areas in product, technology, and brand positioning, as well as on a plan for the crucial markets of China and North America.”
  • “We are currently launching the largest model initiative in the history of Audi, while at the same time continuing the fundamental transformation of the company.”

Jürgen Rittersberger:

  • “In 2023, the Brand Group Progressive delivered more than 1.9 million vehicles of the Audi, Bentley, and Lamborghini brands. This means we saw strong growth in all our core markets and showed better growth than the overall market.”
  • “Our operating result and operating margin show that we did well in 2023. Solid finances create the framework for the coming years, during which we will continue to advance our transformation.”
  • “The year 2024 will be a challenging year of transition for us. But we will strive to achieve a solid financial performance despite this.”
  • “The Performance Program 14 allows us to engineer our financial success. It is challenging to do so, but we have a clear plan, strong brands, attractive products, and a great team.”
  • “Audi has the financial strength to succeed even in times of technological change and more intense competition.”

Please find further details and background information on the fiscal year 2023 as well as on sustainable corporate governance at Audi in the new Audi Report 2023.

**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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