Audi Group revenue rose to Euro 16.9 billion powered by EVs

German luxury car maker Audi’s revenue increased to EUR 16.9 billion during the first quarter of 2023 as compared to Euro 14.28 billion. The operating profit climbed to Euro 1.8 billion, while the operating margin of 10.8% was at the upper end of the strategic target corridor, according to the company's statement.

The company stated,  the all-electric Audi Q4 e-tron and Audi e-tron GT quattro1 as well as the Audi Q5 and Audi Q7 were the main contributors to this increase. The share of EU taxonomy-aligned revenue rose again, reaching 14.5 (Q1 2022: 11.3) percent.

The 43% increase in deliveries of electric cars demonstrates that the brand group is on the right track. In the company’s ongoing electrification journey, Audi has picked up considerable speed: In the largest model offensive in Audi’s history, the brand has announced the launch of around 20 new models between late 2023 and late 2025, more than ten of which will be all-electric, the company said.

In the first quarter, the brand group picked up the pace of implementing its e-roadmap, delivering 34,584 (Q1 2022: 24,236) electric cars, an increase of around 43 percent above the previous year’s figure. The share of electric vehicles delivered rose significantly from 6.2 to 8.2 percent.

Audi CEO Markus Duesmann: “We increased deliveries of all-electric models in the brand group by 43 percent. This shows how attractive our electric portfolio already is. And with the largest model offensive in Audi’s history, starting with the Q6 e-tron in the second half of the year, we are providing the right response to the accelerated trend toward electric mobility.”

The Audi Group has started off 2023 with strong delivery figures in nearly all core regions. In the first quarter, the brand group delivered some 422,000 Audi, Bentley, and Lamborghini vehicles – around 8 percent more than in the same period last year.

The improved supply situation for semiconductors allowed the company to better meet the high demand for Audi models, in Europe and the USA in particular. Revenue increased to Euro 16.9 billion. The operating profit climbed to Euro 1.8 billion, while the operating margin of 10.8 percent was at the upper end of the strategic target corridor, said the company.

It further stated that the entire brand group started 2023 with a strong first quarter. With 421,824 vehicles delivered (Q1 2022: 390,826), the Audi, Bentley, and Lamborghini brands delivered 7.9 percent more cars than the previous year’s figure. Thanks to the improved supply situation for semiconductors, the Audi brand delivered 415,684 (Q1 2022: 385,084) vehicles to customers worldwide.

Brand gains in Europe and the USA

In Europe, the Audi brand continued on its course for growth. In the first quarter, the brand with the four rings delivered 181,001 (Q1 2022: 153,408) vehicles to customers, 18 percent more than in the previous year. The brand’s home market of Germany contributed to this strong performance with an increase of 13.1 percent to around 61,000 Audi models delivered.

In the US, Audi Group delivered 52,763 (Q1 2022: 35,505) vehicles, an increase of 48.6 percent compared to the first quarter of last year. This marks the third quarter in a row that Audi has increased its deliveries in the United States.

In China, the Audi brand delivered 136,416 vehicles in the first quarter (Q1 2022: 161,621). Following the coronavirus pandemic and the effects of Chinese New Year in January, Audi was able to increase deliveries in China by 19 percent in March, compared to the previous year. Nonetheless, this still amounts to a first-quarter decline of 15.6 percent compared to the previous year.

2023 forecast
The Audi Group continues to expect deliveries of between 1.8 and 1.9 million cars and revenue between Euro 69 and Euro 72 billion for the fiscal year 2023. The operating margin is expected to remain unchanged between 9 and 11 percent; the Audi Group also expects its net cash flow to remain stable at Euro 4.5 to Euro 5.5 billion.