Audi 2015 Operating Profit Drops 6.1% on Diesel Scandal Cost
- Audi seeks to lift sales with revamped A4 and fresh SUV models
- Fixing rigged U.S. cars to cost mid-double-digit million euros
Audi AG A4 T Quattro vehicles, produced by Volkswagen AG.
Photographer: Akio Kon/BloombergAudi AG’s operating profit dropped 6.1 percent last year, hurt by the cost of fixing manipulated diesel cars and developing electric-vehicle technology.
Earnings fell to 4.84 billion euros ($5.26 billion) in 2015 from 5.15 billion euros a year earlier, the luxury-car manufacturer, Volkswagen AG’s largest earnings contributor, said Thursday. Revenue rose 8.6 percent to 58.4 billion euros, helped by higher deliveries and currency shifts. Spending related to the rigged diesel-engine issue amounted to 228 million euros, Chief Financial Officer Axel Strotbek said at a press conference. The cost of repairing vehicles in the U.S. will be in the “mid-double-digit” million-euro range, Chief Executive Officer Rupert Stadlersaid.