Audi Chief Executive Gernot Doellner said on Tuesday that the Volkswagen (VOWG_p.DE) subsidiary was sticking to its electric vehicle strategy despite facing strong headwinds this year.
Audi remains committed to bringing the last vehicle with a combustion engine onto the market in 2026, he said, with the dates set even if the details of how it's done are flexible.
The company said that it expects a decline in sales and profits for the year as general conditions are very challenging.
Chief Financial Officer Juergen Rittersberger spoke of a "transitional year": 2024 will be even more demanding than 2023.
Rittersberger said Audi had launched an austerity program to achieve its long-term profit margin goal, including improvements in sales and lower product costs, but did not give any details.
