Audi group revenue stabilizes in the second quarter of 2024
The Audi group which includes Audi, Bentley Lamborghini and Ducati has seen its performance stabilizing in the second quarter of 2024. Audi is also set to release several new models. After the Audi A5, the second all-electric model on the Premium Platform Electric (PPE), the Audi A6 e-tron is set to follow towards the end of July. The Audi group has created the Performance Program 14 to bring its financial performance back on track.
The group generated a total net revenue of €30.9 billion in the first half of 2024, which was 9,5% lower compared to the prior year’s figure. Its operating profit in the first half of 2024 remained €2.0 billion while operating margin reached 6.4 percent and net cash flow €1.1 billion. In the first six months of 2024, the group delivered 843,991 vehicles including 76,657 electric vehicles. Sales of electric vehicles has grown 1.3% compared to the same period in the prior year. Its total vehicle deliveries in the first half of 2024 remained 8.2% lower compared to the same period of the prior year.
The Audi brand delivered a total of 832,957 units which was 8.2% lower compared to the prior year. Apart from supply chain related challenges, the various model changes also caused the decline. In the second quarter of 2024, Audi delivered 436,045 vehicles or 11.3% lower compared to the prior year. Bentley deliveries declined 17% in the second quarter of 2024 compared to the prior year, while Lamborghini deliveries increased 7.7%.
Selected Audi Group Key Figures at a Glance
| Key Figures | First Half of 2024 | First Half of 2023 |
|---|---|---|
| Deliveries automobiles Brand Group | 843,991 | 919,548 |
| Revenue in EUR million | 30,939 | 34,169 |
| Operating profit in EUR million | 1,982 | 3,417 |
| Operating margin in percent | 6.4 | 10.0 |
| Net cash flow in EUR million | 1,130 | 1,882 |
| Financial result in EUR million | 783 | 880 |
| Profit after tax in EUR million | 2,154 | 3,262 |
| EU taxonomy-aligned revenue in percent | 14.0 | 14.9 |
Deliveries by Markets
In the European region, despite the reduction or cancellation of subsidy programs, Audi’s electric models are experiencing stable demand. Audi delivered 48,332 electric cars in Europe in the first half of 2024 which was only 1.7% lower compared to the prior year. Total deliveries in the European market in the first half of 2024 remained 343,575 units or 9.7% lower compared to the prior year. Audi deliveries in the home market of Germany declined to 102,511 units in the same period.
Audi’s electric models continued to experience growing demand in the United States. The Audi brand delivered 11,121 electric vehicles in the US during the first half of 2024 which was 10.2% higher compared to the same period of the prior year. Audi delivered a total of 92,913 models in the US in the first half of 2024 which was 14.2% lower compared to the same period of the prior year.
In the Chinese market, while competition was tougher compared to the prior year, demand in the premium segment also declined. Despite a challenging 2024, Audi’s performance in the China market remained at nearly the same level as the prior year in the first half of 2024. Audi delivered a total of 320,370 vehicles in China in the first half of 2024, which was only 1.7% lower compared to the same period of the previous year.
Bentley, Lamborghini and Ducati
As a part of the Audi group, Bentley, Lamborghini and Ducati made a positive contribution to the overall performance.
Bentley delivered a total of 5,476 vehicles in the first half of 2024 which was 22.8% lower compared to the prior year. It generated a total net revenue of €1,388 million in the first half of the year compared to €1,681 million over the same period in the prior year. Its operating profit remained €261 million compared to €390 million in the first half of the prior year and net operating margin was 18.8 percent. In the second quarter of 2024, Bentley delivered 2,970 units or 17 percent lower compared to the second quarter of the prior year.
Deliveries by Lamborghini increased 4.1% over the first half of 2024 with 5,558 models compared to 5,341 units in the same period of the prior year. In this period, Lamborghini generated a total net revenue of €1,621 million which was 14.1% higher compared to the same period in the prior year. The group’s operating profit from Lamborghini amounted to €458 million while the operating margin was 28.2 percent. In the second quarter of 2024, Lamborghini delivered 2,928 units or 7.7% higher compared to the same period in the prior year.
Over the first half of the year, Ducati delivered a total of 32,098 motorcycles which was 8.6% lower compared to the same period in the prior year. The brand had delivered a total of 35, 120 units in the first half of 2023. The total net revenue generated by Ducati amounted to €606 million in the first half of 2024 compared to €663 million in the same period of 2023. Operating profit was down to €92 million compared to €116 million in the first half of 2023. Its operating margin amounted to 15.1 percent compared to 17.6 percent in the first half of the prior year.
Audi Brand Deliveries to Customers
| Region | First Half of 2024 | First Half of 2023 | Dev. vs. 2023 |
|---|---|---|---|
| World | 832,957 | 907,111 | -8.2% |
| Europe | 343,575 | 380,476 | -9.7% |
| Germany | 102,511 | 125,690 | -18.4% |
| United Kingdom | 65,343 | 68,099 | -4.0% |
| France | 24,813 | 24,385 | +1.8% |
| Italy | 38,289 | 36,169 | +5.9% |
| Spain (incl. Canary Islands) | 19,788 | 22,354 | -11.5% |
| USA | 92,913 | 108,345 | -14.2% |
| Mexico | 5,533 | 6,328 | -12.6% |
| Brazil | 2,718 | 2,855 | -4.8% |
| Mainland China and Hong Kong | 320,370 | 326,505 | -1.9% |
Financial Results:
The Audi group generated a total net revenue worth €30,939 million in the first half of 2024 compared to €34,169 million in the same period of the previous year or a decrease of 9.5%. Its operating profit declined to €1,982 million in the first half of 2024 compared to €3,417 million in the first half of 2023, or a decline of 42%.Total net cash flow amounted to €1,130 million compared to €1,882 million in the first half of 2023 or a decline of 39.9%.
The Audi group’s performance stabilized in the second quarter compared to the first quarter of 2024 and the same quarter of the prior year. In the second quarter of 2024, the group generated a total of €17,214 million in net revenue compared to €17,286 million in the second quarter of the prior year or a decline of only 0.4%. The group’s operating profit in the second quarter of 2024 remained € 1,515 million compared to €1,601 million in the same quarter of the prior year. Net cash flow was quite strong at €1.9bn as a result of a Q2/2024 significant positive working capital impact.
The Audi Group's profit after tax amounted to €2,154 million after the first six months of the year compared to €3,262 million in the same period of the prior year. Net earnings of the group amounted to €783 million compared to €880 million in the first half of the prior year.
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