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The auto industry continues to lose money? Audi: it doesn't exist

On November 3, recently, Audi announced its third quarter financial report, which showed that the revenue of Audi brand in the first three quarters was 41.3 billion euros (about 325.01 billion yuan), down 6.8% compared with 44.3 billion euros in the same period of last year, and the operating profit was 3239 million euros (about 25.45 billion yuan), up 12.8% compared with 2.871 billion euros in the same period of last year. In the third quarter, the revenue of Audi brand in the third quarter was 12.571 billion euros, and the operating profit was 938 million euros, up 75.2% compared with the operating profit of 110 million euros in the same period last year.

Alexander Seitz, a member of Audi's board, said: '2019 will not be a record year, and it will still be a test for the automotive industry. However, our third quarter financial statements show that Audi group is resilient even in strong headwinds. Our goal is to lead the group firmly through the current challenges and set the right path for long-term competitiveness. '

In terms of sales volume, Audi's global delivery volume in the third quarter was 451000 vehicles, down 3.6% year-on-year; in the first nine months of 2019, the global delivery volume was 1357000 vehicles, down 50000 vehicles from 1.408 million vehicles in the same period last year.

In the global automotive industry downturn environment, Audi can achieve growth is really eye-catching. It's worth noting that Audi's profit growth was driven by a decline in sales, which is the opposite of Tesla's high sales and low profit this year.

This situation is mainly due to the improvement of Audi's profit margin: Audi's operating profit in the first three quarters was 7.8%, higher than 6.5% in the same period last year; its profit before tax increased to 36.68 million euros, with a net cash flow of 3271 million euros. Audi expects operating profit of 7-8.5% and net cash flow of 2.5-3 billion euros in 2019.