Audi Warns of Lower Revenue, Possibly Lower Margin; Launches Restructuring
By David Sachs
Audi expects lower revenue amid intense competition this year and warned of a potentially lower margin as the company launched a cost-savings initiative.
The Volkswagen-owned luxury-car group said Thursday that fierce competition and a difficult global economic situation will result in revenue of between 63 billion and 68 billion euros ($68.49 billion-$73.93 billion). Audi posted revenue of EUR69.865 billion last year.
Operating margin is expected to finish the year at between 8% and 10%, compared with 9% in 2023, said the company, which includes the Audi, Bentley, Lamborghini and Ducati Brands.
Audi will launch a restructuring program aimed at attaining a long-term margin of 14%, it said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
March 19, 2024 06:09 ET (10:09 GMT)
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