Audi Group’s revenue 2024 (January to December) fell by 7.6% to €64.53bn ($70.51bn) from €69.86bn recorded in 2023 due to lower deliveries and model changeovers.
Its operating profit saw a sharp decline to €3.9bn in 2024 from €6.28bn in 2023. This drop was attributed to restructuring expenses, including the termination of production at the Brussels site.
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The group managed a net cash flow of €3.1bn despite a competitive environment and limited delivery capacity. Net cash flow also dropped compared to €4.74bn in the prior year due to lower earnings and negative working capital development.
In 2024, the group, which includes Audi, Bentley, Lamborghini, and Ducati brands, collectively known as the Brand Group Progressive, delivered 1.7 million cars compared to the previous year’s total of 1.91 million units.
Deliveries of Audi brand models fell by 11.8% to 1,671,218 units, including 164,480 fully electric cars.
Audi is preparing to launch over 20 new models by the end of 2025, with half of them being fully electric, to establish the youngest product portfolio in its market segments
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By GlobalDataIts focus for 2025 includes the renewal of the A6 and Q3 series, with the A6 Avant already unveiled and the new Q3 set to debut in summer 2025.
In 2024, Lamborghini delivered 10,687 cars and achieved a 16.2% revenue growth to €3.09bn.
Bentley and Ducati reported lower delivery figures and revenues compared to the previous year but maintained strong operating margins, the company said.
Audi’s profit after tax declined to €4.18bn in 2024 compared to €6.26bn in the same period a year ago.
Audi CEO Gernot Döllner said: “Global economic changes and intensified international competition are posing major challenges to Audi and the industry as a whole.
“In 2024, the company laid important foundations for this and reached the first key milestones. In 2025, we will remain committed to our path for renewal. The focus here is on rejuvenating our portfolio with numerous new models.
“We are also placing special emphasis on our positioning in the core markets of China and North America. At the same time, we are working intently on creating more efficient structures throughout the entire company, with a view to getting innovations onto the road faster.”
Looking ahead to 2025, Audi anticipates revenue between €67.5bn and €72.5bn and an operating margin of 7-9%. The company projects net cash flow in the range of €3bn to €4bn.
Audi’s board of management and works council have negotiated an agreement to enhance productivity, speed, and flexibility at German sites.
The agreement includes extending job protection until 31 December 2033 and preparing for the transition to electric mobility.
