Audi forecast sizeable revenue growth in 2023 to 69 to 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, the brand said.
The brand had a bumper year in 2022 with earnings up 40 percent to 7.6 billion euros as it prioritized production of higher-priced products during the chip shortage, Audi said in a statement on Thursday.
Now that chip shortages are easing, it will normalize its product mix and offer lower-priced models to customers as well, the company said, forecasting an earnings margin of 9 to 11 percent for the group consisting of Audi, Bentley, Lamborghini and Ducati, down from last year's 12.2 percent.
The premium brand is widening its offering of full-electric vehicles to catch up with rivals who are ahead on EV sales, bringing 10 new EVs to the market by 2025, Audi CEO Markus Duesmann said.
Audi's product offensive this year include launch of the Q6 e-tron full-electric SUV, which will be unveiled in the second half. It's Audi's first production model to be based on the PPE premium electric platfrom it has co-developed with Porsche.
The brand is working on its final generation of combustion engine models and will bring only EVs to market from 2026, with no combustion engine cars sold at all from 2033.