This result was roughly on par with the previous year, thanks to a strong performance in the second half of the year offsetting major logistics and supply chain issues in H1.

The group increased fully electric car deliveries by 44%, reaching a total of 118,196 units in the year, bringing the share to 7.2% of total deliveries from 4.8% in 2021.

Revenue for the year was up by 16.4% to €61.75 billion, which the company attributed to a strong price position and the one-off consolidation of the Bentley brand on January 1, 2022.

Operating profit, meanwhile, reached record levels with a year-on-year increase of 37.3% to €7.55 billion, while operating margin increased to 12.2%.

These results came partly thanks to the results of Bentley and Lamborghini, which all broke records in 2022. Bentley increased deliveries last year by 3.5% to 15,174 vehicles, with revenue totalling €3.38 billion. Meanwhile, Lamborghini increased sales by 21.9% to €2.38 billion, delivering 9,233 vehicles in 2022.

CFO Jürgen Rittersberger said: “Audi demonstrated great financial strength in 2022 despite challenging global conditions and broke records in revenue and operating profit. These results give us confidence that we will continue to achieve our ambitious strategic goals going forward.”

The brand group currently expects 2023 deliveries to be between 1.8 and 1.9 million units, while revenue is expected to reach a new record level of €69-72 billion.