Audi’s profit fell by more than a third in the first half of the year. According to the German car manufacturer, this is due to the American import tariffs and the “largest transformation in the company’s history.” The number of cars sold decreased, but fully electric cars did well.
Profit fell from 2.2 billion euros in the first half of 2024 to 1.3 billion euros, Audi reports. Turnover of Volkswagen’s sister brand rose by 5.3 percent to almost 33 billion euros.
“The situation remains very challenging,” says Audi’s CFO Jürgen Rittersberger. There is a lot of competition and the American import tariffs had a lot of impact.
“At the same time, we are undergoing the largest transformation in the history of the company,” says Rittersberger. “Our financial result clearly shows how necessary the transformation that has begun is.” For example, Audi wants to introduce ten new plug-in hybrids before the end of 2025.
Audi sold more than 794,000 cars, a decrease of 6 percent. But fully electric cars did better. More than 101,000 of these were sold, which is 32 percent more than a year earlier.
Sales figures in North America and China fell sharply. The first quarter already showed how much competition is increasing in the Chinese market.
The European Union and the United States concluded a trade agreement on Sunday evening, as a result of which the American import tariff for the automotive industry will decrease from 27.5 to 15 percent. Audi is currently looking at what the effect of the agreement will be.