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Audi's Q3 Profit Plunge

Audi's Q3 2023 results show a sharp decline in operating profit, but luxury brands and employment guarantees offer a glimmer of hope.

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German

Germany

Germany Labour MarketAutomotive IndustryEmploymentFinancial PerformanceSalesLuxury Cars

AudiVolkswagenLamborghiniBentleyFaw

J Rgen RittersbergerGernot D Öllner

What is Audi's current stance on employment and hiring?: Audi maintains its employment guarantee until 2029, including the absorption of apprentices. While there's no explicit hiring freeze, external recruitment is now highly selective.
How did Lamborghini and Bentley impact Audi's overall financial performance in Q3 2023?: Despite the overall decline, Lamborghini and Bentley's performance prevented Audi from falling into the red. Audi's financial chief, J rgen Rittersberger, confirmed the lowered annual forecast but suggested the company is aiming for the lower end of the projected range.
How did Audi's sales perform in the first nine months of 2023, and which markets were most affected?: In the first nine months of 2023, Audi sold 1.24 million vehicles, an 11 percent decrease year-on-year. Sales were significantly impacted in the US due to parts shortages, and China saw an 8.5 percent decline.
What challenges did Audi face in the first half of the year, and how have those challenges been addressed?: Supply chain issues with V6 and V8 engines, which affected Audi in the first half of the year, have been resolved. However, ongoing price wars, particularly in China, and model changeovers continue to impact results.
What were the main reasons for Audi's significant drop in operating profit during the third quarter of 2023?: Audi's operating profit plummeted 91 percent to \u20ac106 million in Q3 2023, primarily due to a 16 percent drop in sales, intense price competition, and \u20ac1.2 billion in provisions for the Brussels plant closure.

Apr 10, 19:15

Saxon Teachers to Protest Education Cuts on May 15th

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Apr 8, 19:18

Saxony Seeks Skilled Workers in Egypt, Opens New University

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Apr 8, 19:18

Thuringia Faces Workforce Crisis: Only 43% Expect to Work Until Retirement

A recent survey reveals that only 43% of 1,000 Thuringians expect to work until retirement, significantly lower than the East German average of 50%, primarily due to poor working conditions and high workloads in smaller industrial and construction firms, exacerbated by a high proportion of shift workers and personnel shortages.

Apr 8, 19:18

Only 43% of Thuringians Expect to Work Until Retirement

A survey of 1000 Thuringians revealed that only 43% expect to work until retirement, significantly lower than the East German average of 50%, primarily due to poor working conditions and high workloads, especially in the prevalent shift work within the state's industrial and construction sectors.