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Audi says expansion and model costs to dent profit

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Audi says expansion and model costs to dent profit

While for the first two months of 2014 the German maker Audi managed to win the eternal No.1 race in the luxury segment, it also said its operating profit would be hit again this year.

The Volkswagen subsidiary is expecting the dent as it leverages the costs made to secure its foreign expansion, while the new models and technologies it’s revealing this year would also take a toll.

“We are making enormous expenditure for future growth with our modular strategy,” Chief Executive Rupert Stadler said at a press conference. “We sow today what we reap tomorrow.”

As the Volkswagen-owned brand is expanding abroad, building new plants in Mexico and Brazil, it’s ready to produce more cars internationally than at home in Germany for the first time in 2014.

Audi also strives to increase its deliveries from the targeted 1.5 million cars – already achieved in 2013, two years ahead of schedule – to at least 2 million units by 2020, overtaking in the process rival car maker BMW to top the global luxury sales.

Last year Audi’s operating profit went down 6.2 % to 5.03 billion euros, and the company cautioned its operating margin might also go down from 10.1 % in 2013 to between 8-10 % this year.

Via Reuters

by Aurel Niculescu (my Google+) - Wednesday, March 12th, 2014 - filed under Audi, Industry, News. Image credit: .
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