Audi publishes the financial results for the past year. The brand with the four rings saw sales and profits decline, but at the same time made further cuts and restructuring of costs. Expectations for 2021 are moderately positive.
Thanks to the widespread consequences of the corona crisis for the automotive industry, Audi saw the total number of delivered cars in 2020 drop by eight percent compared to 2019 to 1,692,773, of which 505,583 in the fourth quarter. As a result, turnover decreased by almost € 6 billion to € 49.9 billion. In relative terms, however, operating profit made a stronger dip: from € 4.5 billion to € 2.7 billion. On the other hand, Audi has a better cash flow after the past year than in 2019: € 4.5 billion against € 3.1 billion. The latter is partly due to the cutbacks and restructuring that the company carried out under the names ‘Audi Transformation Plan’ and ‘Audi.Zukunft’, but mainly to an internal sale of shares within the Volkswagen Group worth € 1.5 billion. .
Over the past year, the Q3 and A6 have been successful models for Audi, with sales growth of 18.1 and 11.8 percent respectively. Given the increasing interest in SUVs at the expense of sedans and station wagons, the rising sales of the A6 can be called somewhat striking. Another model that did well is the E-tron, whose sales increased by no less than 80 percent compared to 2019. Audi Sport also did good business, with an increase of 16.1 percent in the number of deliveries.
Moderately positive
Audi will continue to invest in electric mobility and technology for the next five years. The total amount of the previously announced investment plan is € 35 billion, the lion’s share of which is intended for future technologies. ‘Artemis’, the new electric top model on which Audi is working, plays an important role in this. In the coming year, much is planned for Audi in the field of electrification with the market launch of the E-tron GT and the unveiling of the Q4 e-tron. In addition, half of all engine versions with combustion engines must be a plug-in hybrid in the coming year. For the coming year, CFO Arno Antlitz further speaks of ‘moderate optimism’, but he still keeps a close eye on the corona virus and the still ongoing chip shortage.