The group delivered 1,918,912 cars in the year, up by 17.1% year-on-year, while the Audi brand alone had an increase of 17.4% to 1,895,240 cars.

Operating profit for 2023 declined by 16.8% to €6.28 billion, while profit after tax dropped by 12% to €6.26 billion. The financial result for 2023 came in at €1.42 billion, down 6.5%.

Looking forward, the company expects revenues in the range of €63-68 billion in the 2024 fiscal year.

Chief Financial Officer Jürgen Rittersberger said: “Solid finances create the framework for the coming years in which we will continue to advance our transformation. That is why we have launched our Performance Program 14. It is an effective programme to ensure our profitability. In the long term, we want to achieve an operating margin of 14% for the Brand Group Progressive.”