Audi has reported another disappointing quarter, with operating profit shrinking by an astonishing 91 percent over the past three months.
The decline is partly due to restructuring efforts, including the upcoming closure of Audi’s factory in Brussels.
The luxury automaker is grappling with heightened competition, limited access to spare parts, and a challenging market environment. Sales of Audi, Bentley, and Lamborghini vehicles dropped by 10.9 percent in the first nine months of the year.
Audi, in particular, is feeling the impact.
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According to the auto magazine Boosted, sales in the U.S. have fallen by 16.8 percent to 139,665 cars, while sales in Europe and China have decreased by 9.8 percent and 8.5 percent, respectively. Altogether, the Audi Group delivered 1.25 million vehicles in the first nine months of 2024, down from 1.4 million in the same period last year.
The sales decline has hit revenue hard, dropping from approximately $50 billion to $46.3 billion.
Operating profit has taken an even sharper downturn, falling from about $4.5 billion to $2.1 billion. In the third quarter alone, operating profit fell by 91 percent, amounting to just $108 million.
In response, Audi is launching 15 new models in 2024, including the updated A5 and Q5.
Later this month, the Q5 Sportback is set for release, with a new A7 expected early next year.
Audi is also refining its strategy in China, focusing on partnerships and cars tailored specifically to the Chinese market to regain its competitive edge.
