- The Audi Group experienced a dismal third quarter as well as a rough start to the year.
- The automaker blamed the disastrous result on restructuring expenses at their Brussels plant.
- Through the first nine months of the year, sales at Audi and Bentley are down.
Volkswagen’s troubles are well known, but the Audi Group is also suffering from a challenging market, competitive conditions, and limited parts availability. These and other issues have been wrecking havoc as sales of Audi, Bentley, and Lamborghini vehicles are down 10.9% through the first nine months of the year.
The Audi brand was hit particularly hard as U.S. sales are off 16.8% to 139,665 units. Things are also bad in Europe and China where sales are down 9.8% and 8.5%, respectively.
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Elsewhere in the group, Bentley sales were off 26.6% through September. Lamborghini was the only bright spot as they posted a sales increase of 8.6% as well as an operating profit that climbed 9.8%.
In the past nine months, the group has delivered 1.25 million vehicles which is down from 1.4 million this time last year. Given that drop, it’s not surprising that revenue fell from €50.4 ($55.1) billion to €46.3 ($50.6) billion. Their operating profit took an even larger hit, falling from €4.6 ($5) billion to €2.09 ($2.28) billion.
Audi Group Results Jan-Sept 2024
In Q3 alone, the operating profit plummeted 91% to €106 ($116) million. The company largely blamed this on “restructuring expenses due to the reorganization of the Audi Brussels plant.”
While the picture isn’t rosy, Audi noted they’re updating their lineup and have introduced 15 new models in 2024. This includes the A5 and Q5, which will have a “noticeable impact on volumes in the coming year.”
More new models are coming as Audi confirmed the Q5 Sportback will debut later this month. It will be followed by the redesigned A7 early next year. The luxury brand is also revamping their strategy in China, which will see them lean on partnerships and produce China-specific vehicles.
