Audi profit collapses
Above all, the fine of 800 million euros imposed by the munich public prosecutor’s office in the diesel scandal has had a negative impact on the interim balance sheet, the ingolstadt-based carmaker said.
In addition, there were high costs for new models, the conversion of plants for electric cars and sharply lower sales figures due to the delays in the registration of vehicles according to the new consumption measurement standard WLTP. For many years, audi has been the strongest profit earner in the VW group.
"The current situation is an enormous challenge for audi," said acting ceo bram schot. However, with further registrations and the new models, he expects fluctuations to begin in november.
Sales in the third quarter down three percent to 458.000 cars, sales fell from 14 billion to 13.1 billion euros and operating profit from 1.26 billion to 110 million euros. However, audi does not include its earnings from the china business in the operating profit, as mercedes does, but rather in the financial result, which makes direct comparisons difficult.
For the year as a whole, the management board expects sales to be almost on a par with the previous year and sales to be slightly higher, but operating profit to be "well below last year’s level. Audi has launched the Q8 and A6 suvs, with the Q3 and A1 to follow by the end of the year.
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