Carmaker Audi Cuts Outlook Again on China, US Woes
Audi said profit fell 41% in the first nine months as Chinese rivals intensified pressure and U.S. tariffs added to costs.
- Audi cut its annual profit margin outlook to three to five percent, down from five to seven percent, citing cutthroat Chinese competition and U.S. tariffs. Profit fell 41 percent to 1.22 billion euros in the first nine months.
- CFO Juergen Rittersberger told journalists that 'market and competitive conditions have become significantly more difficult.' The struggles intensify pressure on the 10-brand Volkswagen Group, which plans to cut 120,000 jobs globally by 2030.
- At a rally with President Donald Trump last Saturday, Audi CEO Gernot Doellner announced a new SUV factory in Georgia to reduce exposure to U.S. tariffs. Unlike competitors BMW and Mercedes-Benz, Audi currently lacks a domestic plant.
- The U.S. investment drew harsh criticism from German unions and politicians concerned about domestic employment. The long-term future of Audi's Neckarsulm plant remains uncertain following previously announced plans to cut 7,500 jobs.
- Defending the expansion, Rittersberger said, 'It is really a decisive financial step to go into the USA,' as the company negotiates potential tariff sweeteners for the Georgia factory.
40 Articles
40 Articles
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