Audi released its Q1 2023 earnings Friday, showing a 43% rise in EV deliveries. The increase comes despite a weaker market in China, with overall deliveries falling nearly 16% YOY in the region.
Audi EV deliveries in Q1 2023
Audi delivered a total of 34,584 EVs in the first three months of the year, up 43% compared to the 24,236 delivered in Q1 2022. The following EV models led the growth:
As a result, Audi’s total EV share reached 8.2%, up from 6.2% at this time last year. In particular, Audi saw rising demand in the US and Europe.
From January to March 2023, Audi doubled the number of battery electric vehicles (BEVs) produced, with 47,660 units compared to 22,614 during the same period last year. The luxury German automaker says the increase is due to an improving supply chain.
Audi says production in China is still down, resulting in a slow start to the year. However, the company did say production volumes increased throughout the quarter, reaching pre-Covid lockdown levels (Q1 2022).
With overall deliveries rising nearly 8%, Audi’s revenue climbed 18.2% to 16.9 billion euros ($18.6 billion). Yet, despite the top-line growth, Audi’s operating profit fell by nearly 60% due to raw material hedges in Q1 2022.
CEO Markus Duesmann explained:
We increased deliveries of all-electric models in the brand group by 43 percent. This shows how attractive our electric portfolio already is. And with the largest model offensive in Audi’s history, starting with the Q6 e-tron in the second half of the year, we are providing the right response to the accelerated trend toward electric mobility.
In March, Audi showcased a “close to production” Q6 e-tron model, which will ride on the new PPE platform co-developed with Porsche offering an 800V electrical system and powerful, efficient e-motors.
Audi will launch the Q6 e-tron later this year, sparking a new BEV era for the brand with four rings, including ten fully electric models by late 2025.
Of the automaker’s 43 billion euro (about $47.3 billion) planned investment budget over the next five years, 28 billion euros ($30.8 billion) will be dedicated to new BEV development and digitalization as it intends to release electric-only models from 2026.