Audi‘s financial performance weakened in the first nine months of 2026 as market conditions became markedly more competitive, particularly from the third quarter. Revenue reached €42.1 billion and operating profit €1.2 billion, a 2.7 percent operating margin.
Net cash flow was €2.4 billion. Brand Group Progressive delivered 1,056,103 vehicles. Audi brand deliveries fell 11.4 percent to 1,042,150, with growth in Germany and Europe offset by sharp declines in China and the United States. Plug-in hybrid deliveries rose 103 percent.
The company adjusted its 2026 forecast to revenue of €55 billion to €59 billion, an operating margin of 3 to 5 percent and net cash flow of €2.5 billion to €3.5 billion. The update does not include restructuring costs beyond those agreed in 2025.
Causes of the Slump
Audi links the decline to a market slump in China, particularly for combustion vehicles, stronger competition, and export pressure from Chinese manufacturers in Europe.
Faster electrification in Europe has added transformation pressure. Uncertainty in the Middle East, higher energy costs, US tariffs and the transition of entry-level models from the A1 and Q2 to the A2 e-tron3 also weighed on results.
New Models for Core Markets
Audi plans to cut costs and complexity, raise efficiency and invest in software, artificial intelligence and driver assistance. The Q74 has launched in Europe, and the Q92 follows in early November as a new model series at the top of the range.
The Q74 and Q92 are aimed at the US market, and Audi plans local production there. The A2 e-tron3, presented in September, reaches dealers in December. It was built in Ingolstadt with development time 21 months shorter than comparable predecessors.
The new RS 55, Audi’s first RS plug-in hybrid, supports its Formula 1 commitment. Production planned for 2026 is already sold out, and European orders have reached nearly double the company’s plans. It is built in Neckarsulm.
Market Figures and Subsidiaries
Electric deliveries fell 12 percent to 143,748 vehicles. Germany grew 1.8 percent overall and electric deliveries rose 39.1 percent, while China’s overall volume dropped 24.5 percent but electric deliveries rose 84.7 percent. North America fell 17.3 percent. Europe grew 1.3 percent.
Bentley delivered 5,970 vehicles, with revenue of €1.42 billion and an operating profit of €49 million, a margin of 3.5 percent. Lamborghini delivered 7,983 vehicles, generating €2.53 billion in revenue and a 22.3 percent margin. Ducati delivered 39,093 motorcycles, with €659 million in revenue and a 4.4 percent margin.
Audi says it will develop further measures in dialogue with the Group Works Council to secure competitiveness and jobs at its German sites, building on the March 2025 agreement. CEO Gernot Döllner said the company must renew Audi by cutting costs, raising quality and productivity, and investing in new products. CFO Jürgen Rittersberger said the need for action is high and that the company must keep cost discipline and reduce complexity.