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Audi contributes three quarter of VW Group net profits

Audi's net profit in 2003 was up 5% year on year at €816m, but pre-tax profit was hit by exchange costs and dropped 11.6% to €1.1bn.

Turnover was 3,6% up at €23.4 billion. Audi held a 3.8% share of the European market with unit sales up 1.2% to 309,880. US sales rose 0.8% to 86,421 units, though their profitability suffered from a 20% rise in the euro against the dollar. Sales in China grew faster than the market, up 71.5% to 63,531 units. Global sales rose 3.7% to reach 767,000 units last year, and the firm expects further volume growth of 1-2% this year.

Audi alone contributed 74% of parent VW Group's halved net profits in 2003. Audi's performance was less good in its home market, where sales dropped 2.4% and market share was more or less static at 7.4%, and January '04 volume was down 14%.

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