Audi to bring back lower-priced models as chip shortages ease after bumper 2022
(Reuters) – Volkswagen-owned Audi forecast sizeable revenue growth in 2023 to 69-72 billion euros ($149.53 billion) from 61.8 billion last year, but expects a more conservative earnings margin as higher costs weigh on profits, it said on Thursday.
In 2022, the premium brand saw record earnings of 40% to 7.6 Billion Euros. This was due to its prioritisation of production for higher-priced products in times when there was a shortage of chips.
The company stated that now that chip shortages have eased, it will normalize its product mix and offer customers lower-priced models. It forecasts an earnings margin between 9-11% for the group which includes Audi, Bentley Lamborghini, Lamborghini, and Ducati. This is down from 12.2% last year.
Markus Duesmann, chief of Audi, stated that the premium brand will increase its range of electric vehicles in order to compete with other electric vehicle manufacturers. The company plans to bring 10 new models to market by 2025.
The carmaker is currently working on its last generation of combustion engine models. It will only bring electric cars to the market starting in 2026. No combustion engine cars will be sold after 2033.
($1=0.9430 euros)
(Reporting from Christina Amann, Writing and Editing by Victoria Waldersee. Editing by Paul Carrel
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“From Audi to bring back lower priced models after chip shortages subside in 2022”
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