Audi to bring back lower-priced models as chip shortages ease after bumper 2022 By Reuters

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Audi to bring back lower-priced models as chip shortages ease after bumper 2022

Stock Markets Mar 16, 2023 06:35AM ET

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Audi to bring back lower-priced models as chip shortages ease after bumper 2022

(Reuters) - Volkswagen-owned Audi forecast sizeable revenue growth in 2023 to 69-72 billion euros ($149.53 billion) from 61.8 billion last year, but expects a more conservative earnings margin as higher costs weigh on profits, it said on Thursday.

The premium brand had a bumper year in 2022 with earnings up 40% to 7.6 billion euros as it prioritised production of higher-priced products during the chip shortage.

Now that chip shortages are easing, it will normalise its product mix and offer lower-priced models to customers as well, the company said, forecasting an earnings margin of 9-11% for the group consisting of Audi, Bentley, Lamborghini and Ducati, down from last year's 12.2%.

The premium brand is widening its offering of battery-electric vehicles to catch up with rivals who are ahead on electric sales, bringing 10 new electric models to the market by 2025, Audi chief Markus Duesmann said.

The carmaker is working on its final generation of combustion engine models and will bring only electric cars to market from 2026, with no combustion engine cars sold at all from 2033.

($1 = 0.9430 euros)

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