Audi sees new models driving sales despite tough conditions
[INGOLSTADT] Volkswagen's flagship premium brand Audi expects a raft of new models to push its sales to a new record this year, despite "extremely challenging" business conditions, Audi chief executive Rupert Stadler said on Thursday.
Audi is facing a variety of problems including volatile currencies, heightening competition in China and a possible vote by Britain to leave the European Union, Stadler told its annual shareholder meeting.
It is also still grappling with Volkswagen's (VW) emissions test-cheating scandal. Audi set aside 228 million euros (S$356.2 million) last year to cover technical fixes, legal risks and other measures related to its involvement, Mr Stadler said. "Our outlook for this financial year includes a number of negative indicators," the CEO said.
But Audi, which slipped behind Daimler's Mercedes-Benz last year into third place among the top luxury-car selling brands, is counting on more than 20 all-new or redesigned models this year to beat 2015's record 1.8 million sales.
Finance chief Axel Strotbek reaffirmed the carmaker's goal to increase both deliveries and revenue "moderately", helped by expected demand for the new Q2 sport-utility vehicle and variants of its top-selling A4 model line.
"Audi's launch calendar should support momentum through 2016 and 2017," UBS analysts said in a note on Thursday. "Audi's solid momentum is a clear positive for Volkswagen group."
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Tata Motors Q4 profit jumps over three-fold
China’s Zeekr prices US IPO at top of range to raise US$441 million
BA-owner IAG projects strong summer after solid first quarter
Honda sees full-year profit rising 2.8%
Porsche to open S$100 million ‘experiential centre’ in Changi by 2027
BP keen to buy Tesla supercharging sites for US expansion