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Audi warns of drop in demand
By George Frey |
March 11, 2009, Wednesday
|
Print Edition
Print Edition
AUDI AG's sales and operating profit rose in 2008, but the German auto maker warned yesterday that demand is dropping amid the economic downturn.
The sports and luxury car company - a unit of Europe's largest auto maker Volkswagen AG ?? said that operating profit increased 2.5 percent to 2.8 billion euros (US$3.6 billion) from 2.7 billion euros a year ago. The firm didn't release net profit or fourth quarter figures.
Sales for the year gained 1.7 percent to 34.2 billion euros from 33.6 billion euros in 2007.
Rupert Stadler, Audi's chief executive, said in a statement yesterday that the global economic situation has crimped demand for all car makers.
"We are responding flexibly and proportionately to changes in the volume of orders and adjusting production at short notice in order to keep stock levels down," Stadler said.
Audi said that it sold 4.1 percent more cars for the year, reaching just over 1 million units from the 964,151 in 2007, with its new A4 model particularly successful. The company also offered an updated version of the Audi A3 and A6, as well as the brand new Audi Q5, all of which contributed to the year's profit increase.
Eastern Europe proved the company's strongest market in 2008, with an 18.4-percent increase in sales to 42,693 cars. China was also strong with a 17-percent rise to 119,598 cars.
Western Europe saw a 2.5-percent addition in sales in 2008 to 666,984 cars, with a 1.6-percent increase in Germany alone. But sales in the United States declined 6 percent to 87,760 cars.
Looking ahead to 2009, Audi said that it would continue to invest heavily in new products and technology, including increasing its range of vehicles. Over the next seven years the company plans to add 12 new models to the existing 28.
"We are standing by our existing goals," Stadler said.
Last week Audi's parent, VW, said that its net profit increased 15.4 percent for the year on record deliveries.
The sports and luxury car company - a unit of Europe's largest auto maker Volkswagen AG ?? said that operating profit increased 2.5 percent to 2.8 billion euros (US$3.6 billion) from 2.7 billion euros a year ago. The firm didn't release net profit or fourth quarter figures.
Sales for the year gained 1.7 percent to 34.2 billion euros from 33.6 billion euros in 2007.
Rupert Stadler, Audi's chief executive, said in a statement yesterday that the global economic situation has crimped demand for all car makers.
"We are responding flexibly and proportionately to changes in the volume of orders and adjusting production at short notice in order to keep stock levels down," Stadler said.
Audi said that it sold 4.1 percent more cars for the year, reaching just over 1 million units from the 964,151 in 2007, with its new A4 model particularly successful. The company also offered an updated version of the Audi A3 and A6, as well as the brand new Audi Q5, all of which contributed to the year's profit increase.
Eastern Europe proved the company's strongest market in 2008, with an 18.4-percent increase in sales to 42,693 cars. China was also strong with a 17-percent rise to 119,598 cars.
Western Europe saw a 2.5-percent addition in sales in 2008 to 666,984 cars, with a 1.6-percent increase in Germany alone. But sales in the United States declined 6 percent to 87,760 cars.
Looking ahead to 2009, Audi said that it would continue to invest heavily in new products and technology, including increasing its range of vehicles. Over the next seven years the company plans to add 12 new models to the existing 28.
"We are standing by our existing goals," Stadler said.
Last week Audi's parent, VW, said that its net profit increased 15.4 percent for the year on record deliveries.
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