Bloomberg News

Audi Third-Quarter Profit Rises 56% on Demand for A6, Q5 Models

November 02, 2011

Nov. 2 (Bloomberg) -- Audi AG reported a 56 percent gain in third-quarter profit on stronger demand for the revamped A6 sedan and Q5 sport-utility vehicle.

Third-quarter profit at Volkswagen AG’s luxury unit jumped to 1.4 billion euros ($1.9 billion) from 900 million a year earlier, the Ingolstadt, Germany-based carmaker said today in a statement. Revenue increased 30 percent to 10.9 billion euros.

Global deliveries at Audi increased 17 percent to 320,300 cars and SUVs in the third quarter, fueled by demand in China and the U.S. Year-to-date sales advanced 17 percent to 973,200 units. Operating profit through the first nine months of 2011 surged 74 percent to 3.96 billion euros.

“We have already exceeded the operating profit for the whole of 2010,” Audi’s Chief Financial Officer Axel Strotbek said in the statement.

Audi, which has outsold Daimler AG’s Mercedes-Benz this year and aims to overtake luxury leader Bayerische Motoren Werke AG by 2015, is targeting sales of 2 million units a year by 2020, two people familiar with the matter have said. The VW unit has a goal of selling 1.3 million vehicles in 2011, an all-time record.

--Editors: Chad Thomas, Chris Reiter

To contact the reporter on this story: Andreas Cremer in Berlin at acremer@bloomberg.net.

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net.


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