Corona pandemic: AUDI AG takes stock after difficult first quarter
In the context of the corona pandemic, Audi was operating in a highly volatile regulatory and economic environment in the first quarter. The global shutdown had adverse effects along the entire automotive value chain, for example on sales, customer demand and supply-chains stability. We closed down our production capacities in a controlled manner and in doing so have protected jobs at our sites in Germany thanks to short-time working. The health of our employees and their families has always been and still is our top priority, said Arno Antlitz, Member of the Audi Board of Management for Finance, China and Legal Affairs. At the same time, during this phase when the markets are at a standstill, we have succeeded in protecting our liquidity and keeping core processes stable at our company also in the crisis.
Due to the pandemic, deliveries by the Audi brand fell by 21.1 percent in the first three months to 352,993 vehicles (2019: 447,247). With measures such as online sales of new cars from stock, virtual showrooms and Audi’s live advice, the brand is systematically expanding its digital sales business together with its partners.
In the context of the declining market development, the Audi Group generated revenue of €12,454 million (2019: €13,812 million), with positive effects from the full availability of Audi Q3 models and the market success of the Audi e-tron, as well as from higher revenue from deliveries of parts sets for local production in China.
Operating profit of €15 million (2019: €1,100 million) reflects not only the decline in demand, but in particular the turbulent situation on the commodity and capital markets caused by the pandemic.
Profit before tax amounted to €545 million (2019: €1,196) million, and was also positively affected by the sale within the VW Group of AEV GmbH. The former Audi subsidiary is now the basis of the Car.Software organization, into which the Volkswagen Group will place the software development activities of all its brands.
Apr 30, 2020 at 14:06