CFO Jürgen Rittersberger noted that while Audi saw improvements in the second quarter of 2024, challenges remain. Through the Performance Program 14, Audi aims to boost efficiency and maximize cost and revenue potential. CEO Gernot Döllner emphasized the significance of new model launches, with the Audi A5 family signaling the next generation of combustion engines. The Audi A6 e-tron is set to debut at the end of July, followed by the new Q5 in the fall, reinforcing Audi’s commitment to delivering innovative vehicles.
Audi Group’s revenue for the first half of 2024 reached €30.9 billion, with an operating profit of €2.0 billion and a net cash flow of €1.1 billion. Despite these figures being lower than the previous year, the company remains focused on introducing new models and achieving economic targets. In the first six months, the Brand Group Progressive delivered 843,991 vehicles, with 76,657 being electric models, marking a 1.3% increase in electric vehicle sales.
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Rittersberger highlighted the company’s efforts to enhance financial performance amidst a transitional year. The Performance Program 14 is crucial in increasing efficiency and unlocking potential in cost and revenue. Meanwhile, Audi’s model launches continue to captivate the market.
Deliveries of BEVs saw positive growth despite a challenging market environment. The Brand Group Progressive delivered 843,991 cars, including 32,098 Ducati motorcycles, reflecting an 8.2% and 8.6% decline, respectively, compared to the same period last year. However, the Audi brand saw a 10% increase in deliveries in the second quarter, particularly in electric models which grew by 15%.
In the first half of 2024, total deliveries amounted to 832,957 vehicles, an 8.2% decline from the previous year due to supply bottlenecks and model changes. However, all-electric model deliveries grew by 1.3%, with 76,657 vehicles sold. Demand for plug-in hybrids surged by approximately 61%. Audi anticipates further increases in delivery figures in the second half of the year, bolstered by new model releases.
CEO Döllner highlighted the significant model launches in 2024 and 2025, including the Audi Q6 e-tron, Audi A5 family, and Audi A6 e-tron. These launches will expand and rejuvenate Audi’s portfolio, positioning the brand strongly with electric models, plug-in hybrids, and a new generation of efficient combustion-engine vehicles. These efforts are expected to benefit both deliveries and revenue.
In Europe, demand for Audi’s all-electric models remains stable despite changes in subsidy programs. With 48,332 electric cars delivered, the decline was only 1.7% from the previous year. Overall, Audi delivered 343,575 vehicles in Europe, a 9.7% decrease. In Germany, deliveries fell to 102,511 vehicles. In the USA, demand for Audi’s electric models increased by 10.2%, with 11,121 electric vehicles delivered. However, total deliveries were 14.2% lower than the previous year, with 92,913 vehicles sold. In China, Audi delivered 320,370 models, a slight 1.9% decrease, maintaining robust performance despite increased competition and a declining premium market.
Financially, the Audi Group stabilized in the second quarter, but key figures for the first half of the year were below the strong figures from the previous year. Revenue decreased by 9.5% to €30.939 billion, and the operating profit reached €1.982 billion, with a margin of 6.4%. The financial result fell by 11% to €783 million, while the profit after tax was €2.154 billion. Net cash flow decreased by 39.9% to €1.130 billion, primarily due to the lower result.
Audi improved its ESG rating, achieving a B- from ISS ESG, one of the highest ratings in the automotive sector. Rittersberger emphasized that good sustainability performance and financial success are interlinked, helping to future-proof Audi. The brand’s electrified fleet expansion is a key driver of this improvement.
Bentley, Lamborghini, and Ducati, part of the Brand Group Progressive, also contributed positively. Bentley delivered 5,476 vehicles, generating €1.388 billion in revenue and €261 million in operating profit. Lamborghini increased deliveries by 4.1% to 5,558 models, with revenue reaching €1.621 billion and an operating profit of €458 million. Ducati delivered 32,098 motorcycles, generating €606 million in revenue and €92 million in operating profit.
Looking ahead, the Audi Group expects 2024 revenue to be between €63 billion and €68 billion. The operating margin forecast has been adjusted to 6-8% due to expected restructuring expenses. The net cash flow forecast remains at €2.5 to €3.5 billion. Audi’s continuous focus on new model launches and financial performance improvements aims to strengthen its market position and achieve long-term sustainability goals.
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