Quarterly Update Audi Group
Q3/2023

Contents
Quarterly Update Audi Group Q3/2023
Further
publications
Audi Report 
2022
Insight into 
strategy, sustain-
ability topics and 
financial develop-
ment in FY2022
Audi Fact 
Pack
Q3/2023
9M figures, 
10-year overview
Highlights 
& milestones
Markets & 
products
Deliveries to customers
Income statement
Cash flow statement
Financial highlights and
KPI overview
Selected model 
presentations
Corporate highlights
Production
Balance sheet
Guidance FY2023
Overview
Lamborghini
Net cash flow bridge
Operating profit bridge
Economic environment
Audi Group
financial KPIs
Brands
ESG
Environment
Social & workforce
Governance
Facts
Product portfolio
Production sites
EU taxonomy
Overview
Ducati
02
01
Investments: R&D and capex
Bentley
04
06
03
05
07
PDF
XLSX
Audi
02
Overview

1-9/2023
1-9/2022
Δ in %
Deliveries to customers, cars
units
1,404,833
1,212,275
15.9
of which Audi
units
1,387,036
1,193,529
16.2
of which Bentley
units
10,053
11,316
–11.2
of which Lamborghini
units
7,744
7,430
4.2
Deliveries to customers, Ducati motorcycles
units
47,867
49,858
–4.0
Revenue
€m
50,390
44,561
13.1
Operating profit
€m
4,595
6,250
–26.5
Operating return on sales (ROS)
%
9.1
14.0
–4.9 ppt.
R&D ratio
%
7.3
7.2
0.1 ppt.
Capex ratio
%
3.8
3.2
0.6 ppt.
Net cash flow
€m
3,498
4,579
–23.6
Strong deliveries and revenue after nine months, 
ROS solid despite negative hedging effects
Financial highlights and KPI overview
–
Deliveries to customers of the Progressive Brand 
Group1 increased to 1,405k, significantly above 
the previous year’s level due to the improved 
supply situation
–
Audi Group revenue rose by 13.1% to €50.4bn, 
mainly driven by higher volume
Quarterly Update Audi Group 
Q3/2023
–
Operating profit reached €4.6bn, ROS with 9.1% 
below previous year, mainly because of hedging 
effects that affected 1-9/2022 positively 
(€0.4bn) and turned into headwinds in 1-9/2023 
(–€0.7bn); ROS adjusted for hedging effects 
amounted to 10.5% (11.7%)
–
Net cash flow with €3.5bn solid despite negative 
working capital impact and high investments for 
upcoming products
Financial 
highlights 
and KPI
overview
1-9/2023
03
Overview
Highlights & milestones
Markets & products
Audi Group financial KPIs
Brands
ESG
Facts
1 The Progressive Brand 
Group describes the Audi 
Group with the brands 
Audi, Bentley, 
Lamborghini and Ducati. 
The terms “Audi Group” 
and “Progressive Brand 
Group” are used 
synonymously.
Quarterly Update Audi Group Q3/2023

7-9/2023
7-9/2022
Δ in %
Deliveries to customers, cars
units
485,285
414,688
17.0
of which Audi
units
479,925
408,430
17.5
of which Bentley
units
2,957
3,918
–24.5
of which Lamborghini
units
2,403
2,340
2.7
Deliveries to customers, Ducati motorcycles
units
12,743
16,492
–22.7
Revenue
€m
16,221
14,691
10.4
Operating profit
€m
1,178
1,317
–10.6
Operating return on sales (ROS)
%
7.3
9.0
–1.7 ppt.
R&D ratio
%
9.7
7.7
2.0 ppt.
Capex ratio
%
4.2
3.8
0.4 ppt.
Net cash flow
€m
1,616
1,985
–18.6
Audi Group with strong deliveries and solid revenue in Q3, 
operating profit burdened by higher costs of goods sold
Financial highlights and KPI overview
–
Deliveries to customers increased to 485k, 
significantly above the weak previous year’s level  
due to improved supply situation and solid 
demand
–
Audi Group revenue rose by 10.4% to €16.2bn, 
mainly driven by higher volume partially offset 
by mix effects
Quarterly Update Audi Group 
Q3/2023
–
Operating profit of €1.2bn noticeably below 
previous year mainly due to higher costs of 
goods sold including higher R&D expenses; 
ROS decreases to 7.3%
–
Net cash flow with €1.6bn below previous year 
mainly due to high investments in upcoming 
products and R&D expenses despite positive 
working capital effects
Financial 
highlights 
and KPI
overview
Q3/2023
04
Overview
Highlights & milestones
Markets & products
Audi Group financial KPIs
Brands
ESG
Facts
Quarterly Update Audi Group Q3/2023

Audi presented the updated Q8, Lamborghini the fully electric Lanzador concept 
while Ducati introduced the new DesertX Rally
Selected model presentations
Audi is updating the flagship of the Q family with 
a pure design and upgraded technology. The 
revised exterior aesthetic with new front and rear 
aprons underscores the strong character of the 
SUV coupé. The optionally available S line 
exterior package caters to customers who desire 
more sportiness. For the first time, Audi is 
equipping the Q8 with optional HD Matrix LED 
headlights, including a laser as an additional high 
beam. These headlights feature digital daytime 
running lights and selectable light signatures. 
Digital OLED rear lights with four selectable rear 
light designs complete the expanded light 
offering. New wheels, colors, decorative inlays, 
and seats with contrast stitching highlight the 
car’s top position among the Q models.
Expressive design and new lighting 
technology – the upgraded Audi Q8
Quarterly Update Audi Group Q3/2023
Lamborghini unveiled the Lanzador concept at 
Monterey Car Week, a concrete vision of a future 
purely electric, fourth series-production 
Lamborghini. The Lanzador concept car 
introduces a high ground-clearance GT with 2+2 
seats, featuring clear, purist and technical forms, 
with a brand-new concept in terms of 
performance and unprecedented on-board 
experience, staying true to Lamborghini’s 
unmistakable DNA and offering best-in-class 
sportiveness and fun-to-drive character. The 
concept car fits in with the Italian super sports 
company's "Direzione Cor Tauri" strategy and its 
roadmap towards decarbonization and electrifi-
cation announced in 2021 and gives an insight 
into the series model to be built from 2028.
After the DesertX, the first Ducati equipped with a 
21-inch front rim and 18-inch rear rim, the new 
DesertX Rally model has now been presented. It is 
characterized by the best race-bred components: 
the DesertX Rally adopts high-quality solutions 
that are both specialized and effective in off-road 
use and sophisticated as on all Ducatis.
Like all Ducatis, the DesertX Rally has a unique 
and distinctive style. Thanks to the new livery and 
solutions typical for the off-road world that 
characterize its appearance, the DesertX Rally 
communicates its character at the very first 
glance. However, it is thanks to the technical 
equipment of the Rally that it is a real off-road 
motorbike.
Ducati DesertX Rally: adventure 
without limits
1 Audi SQ8 TFSI: fuel 
consumption (combined) 
in l/100 km: 12.8–12.0 
(WLTP); CO2 emissions 
(combined) in g/km: 
291-272 (WLTP);
consumption and 
emission figures are 
available only according 
to WLTP and not 
according to NEDC. 
2 Lamborghini Lanzador
concept: The vehicle 
shown here is a concept 
vehicle that is not 
available as a series-
production vehicle.
05
Ducati DesertX Rally
Audi SQ8 TFSI1
Overview
Highlights & milestones
Markets & products
Audi Group financial KPIs
Brands
ESG
Facts
Automobili Lamborghini presents a 
preview of the future electric car
Lamborghini Lanzador concept²

Audi presents the interior design of the Q6 e-tron, uses new method of IT-based 
factory automation and celebrates Family Festival
Corporate highlights
Designed from the inside out: The interior of the 
new Audi Q6 e-tron model series is tailored more 
closely than ever to the user’s needs and has been 
reimagined accordingly. For example, the three-
dimensional, high-contrast design deliberately 
places elements in the foreground or background, 
creating a three-dimensional spatial architecture 
with aesthetics and ergonomics perfectly tuned to 
the occupants. The Audi Q6
e-tron is the first model series based on the newly 
developed Premium Platform Electric (PPE) and 
the new E3 electronics architecture. Both serve as 
the basis for rethinking the interior’s design and 
range of functions. Technology and aesthetics are 
in perfect balance in the Audi Q6 
e-tron. read more
How the interior of the Audi Q6 
e-tron applies the brand’s new design 
philosophy in series production
Quarterly Update Audi Group Q3/2023
Audi has been testing the local server solution 
Edge Cloud 4 Production (EC4P), a new method 
of IT-based factory automation, at Böllinger Höfe
since July 2022. Starting in July 2023, this 
paradigm shift in Audi’s shop floor IT will be used 
for the first time in series production. At 
Böllinger Höfe, a local server cluster will control 
the worker support systems for the production 
cycles of the Audi e-tron GT quattro1, RS e-tron
GT², and Audi R8 models. The software-
controlled, flexible, and scalable server solution 
replaces the decentralized control system that 
relies on high-maintenance industrial PCs. EC4P 
allows Audi to redeploy the computing power 
that the production line requires to local data 
processing centers. read more
Edge Cloud 4 Production: IT-based 
factory automation enters series 
production
The Audi Family Festival took place on Saturday, 
October 7, 2023, under the motto “Experience 
Audi!”. 
“Audi thrives thanks to our strong team,” said 
new Audi CEO Gernot Döllner. “Days like this 
show what we can put on the roads with our Audi 
spirit. Guests got a behind-the-scenes look at 
how we develop and build great cars at our 
plants, cars that delight customers around the 
world.” Audi employees provided insights into 
their work and the future viability of the main 
plant in Ingolstadt, where the Q6 e-tron series –
the first fully electric model to come from 
Ingolstadt – is built.
read more
Audi celebrates Family Festival
06
Overview
Highlights & milestones
Markets & products
Audi Group financial KPIs
Brands
ESG
Facts
1 Audi e-tron GT quattro: 
combined electric power 
consumption in 
kWh/100 km: 21.6–19.6 
(WLTP); combined CO2
emissions in g/km: 0 
(WLTP)*
2 Audi RS e-tron GT: 
combined electric power 
consumption in 
kWh/100 km: 22.1–19.8 
(WLTP); combined CO2
emissions in g/km: 0 
(WLTP)*
*  Consumption and 
emission figures are 
available only according 
to WLTP and not 
according to NEDC.

GDP with positive but slower growth in all major regions, Germany negative;  
automotive markets noticeably above previous year’s level
Economic environment
Real GDP growth, quarterly 
in % change from a year earlier (data: S&P Global)
Automotive markets
by region in million units
The global passenger car market volume in the 
first nine months of 2023 was noticeably above 
the previous year’s level. 
The volumes of the European as well as the US 
car market were significantly above the weak 
prior year level, which was heavily impacted by 
the semiconductor supply situation.
The volume of the Chinese car market was 
slightly above the level of 1-9/2022. Government 
subsidy and purchase incentive programs expired 
at the end of 2022, which led to pull-forward 
effects on vehicle purchases in Q4/2022 and 
declining registration figures in Q1/2023. 
Subsequently demand recovered as a result of 
price reductions and new subsidy programs, 
among other things. 
The global motorcycle market increased 
noticeably in 1-9/2023.
1 Chinese car market 
including Hong Kong.
USA
Europe
China
World
Germany
-1
2
0
7
1
3
4
5
6
Q3/2021
Q3/2022
Q3/2023
After the slump in global economic output in 
2020, the incipient recovery due to base and 
catch-up effects in 2021 and a further 
normalization of economic activity in 2022 
despite the Russia-Ukraine conflict, the global 
economy continued to recover in the first nine 
months of 2023, albeit with a generally slower 
momentum.
At national level, the development depended on 
the extent to which the increased inflation had to 
be combated by the central banks as well as on 
the extent to which economies were affected by 
the consequences of the Russia-Ukraine war.
4
0
2
18
20
Q3/2021
Q3/2022
Q3/2023
Real GDP growth
in % change from a year earlier
Automotive markets
in units
Q3/2023
Q3/2022
1-9/2023
1-9/2022
Δ %
Europe
0.3
2.5
10,336,085
8,865,439
16.6
of which Germany
–0.7
1.2
2,138,287
1,867,885
14.5
China1
4.4
3.9
15,638,684
15,283,867
2.3
USA
3.0
1.7
11,711,581
10,287,409
13.8
Worldwide
2.5
3.0
56,130,769
51,350,253
9.3
07
Europe
USA
China
World
Germany
Overview
Highlights & milestones
Markets & products
Audi Group financial KPIs
Brands
ESG
Facts
Quarterly Update Audi Group Q3/2023

1-9/2023
1-9/2022
Δ in %
Ingolstadt (GER)
292,548
239,632
22.1
Neckarsulm (GER)
121,993
103,739
17.6
Zwickau (GER)
80,113
33,155
141.6
Győr (HUN)
129,964
130,606
–0.5
Brussels (BEL)
38,783
36,632
5.9
San José Chiapa
(MEX)
137,398
130,255
5.5
China (all sites)
476,355
462,519
3.0
Other sites
152,075
107,353
41.7
Audi brand
1,429,229
1,243,891
14.9
Bentley brand
10,329
12,107
–14.7
Lamborghini brand
7,365
7,347
0.2
Total cars
1,446,923
1,263,345
14.5
BEV production
149,974
83,903
78.7
PHEV production
62,571
52,090
20.1
NEV total
212,545
135,993
56.3
NEV share
14.7%
10.8%
3.9 ppt.
Motorcycles
Ducati brand
45,987
56,196
–18.2
501
398
493
Q4
455
422
Q1
407
Q2
434
453
Q3
Quarterly Update Audi Group Q3/2023
Progressive Brand Group increased production 
with ongoing focus on fully electric vehicles
Production
Production, Progressive Brand Group
From January to September 2023, the 
Progressive Brand Group produced 1,446,923 
(1,263,345) automobiles. This represents an 
increase of 14.5% compared with the prior-year 
period. 
The supply situation and thus production 
volumes improved in the reporting period despite 
new challenges like severe weather events in 
Q3/23. The previous year was strongly influenced 
by semiconductor shortages and the Russia-
Ukraine war.
In particular, the Brand Group increased the 
production of fully electric vehicles (BEV) very 
strongly by 78.7% to 149,974 (83,903) cars in 
the first nine months of 2023. In this context, 
PHEV production grew as well with a significant 
increase of 20.1%. 
The New Energy Vehicle (NEV) share thus 
amounted to 14.7% (10.8%).  
The Audi brand was the main driver of the 
production increase within the Brand Group with 
a growth of 14.9% to 1,429,229 (1,243,891)
vehicles. The figure contains 476,355 (462,519) 
Audi cars produced locally by associated 
companies in China. After a slow start in 2023, 
production volumes in China increased by 3.0% 
in the course of the first nine months of 2023 
and exceeded the level of 2022 which was 
impacted by the coronavirus lockdowns.
The significant reduction of the production 
volume of Bentley by –14.7% to 10,329
(12,107) cars is mainly based on planned stock 
optimization.
In the reporting period, Lamborghini remained at 
the high level of the previous year and produced 
7,365 (7,347) units. 
The Ducati brand manufactured 45,987 (56,196) 
motorcycles. 
Quarterly production
in k cars
Q4/2022 – Q3/2023
Q4/2021 – Q3/2022
Production by segment
1-9/2023 (1-9/2022), in % of car production
A0/A segment 39% (39%)
B segment 34% (36%)
C segment  24% (23%)
D/E segment  2% (2%)
in units / in % of total
08
Overview
Highlights & milestones
Markets & products
Audi Group financial KPIs
Brands
ESG
Facts

Deliveries, Progressive Brand Group
Significant growth in deliveries: Europe and USA remain strong, China’s positive 
development continues in Q3/23, very strong growth of fully electric vehicles
Deliveries to customers
in units / in % of total
Quarterly Update Audi Group Q3/2023
The Progressive Brand Group delivered 
1,404,833 (1,212,275) cars to customers in the 
first nine months of 2023, a year-on-year 
increase of 15.9%. Overall, the Brand Group 
showed a strong performance in the reporting 
period with a significant increase compared with 
the prior-year. Despite ongoing challenges in 
outbound logistics, the existing solid order book 
for Audi Group vehicles was once again better 
served by a gradual recovery of supply chains.
With regard to the individual brands, the Audi
brand handed 1,387,036 (1,193,529) vehicles 
over to customers, an increase of 16.2%.
Bentley delivered 10,053 (11,316) luxury cars to 
customers, a noticeable decrease of –11.2%.
The deliveries of Lamborghini amounted to 7,744
(7,430) sport cars and super SUVs, a year-on-year 
increase of 4.2%. 
Ducati delivered 47,867 (49,858) motorcycles, a 
slight decrease of –4.0% compared with 1-9/22.
Quarterly deliveries
in k cars
1-9/2023
1-9/2022
Δ in %
By brand
Audi
1,387,036
1,193,529
16.2
Bentley
10,053
11,316
–11.2
Lamborghini
7,744
7,430
4.2
Total
1,404,833
1,212,275
15.9
Europe
564,003
454,936
24.0
Germany
186,257
155,961
19.4
China incl. Hong Kong
524,417
499,773
4.9
USA
172,975
138,035
25.3
Other markets
143,438
119,531
20.0
Total
1,404,833
1,212,275
15.9
BEV
123,040
76,989
59.8
BEV share
8.8%
6.4%
2.4 ppt.
SUV
692,834
609,038
13.8
SUV share
49.3%
50.2%
–0.9 ppt.
China locally 
produced
473,481
460,872
2.7
locally produced 
in China share
33.7%
38.0%
–4.3 ppt.
Motorcycles
Ducati brand
47,867
49,858
–4.0
By segment
1-9/2023 (1-9/2022), in % of car deliveries
A0/A segment 39% (39%)
B segment 35% (37%) 
C segment 25% (22%)
D/E segment 2% (2%)
Q4/2022 – Q3/2023
Q4/2021 – Q3/2022
09
The Brand Group was once again able to further 
increase deliveries of fully electric vehicles (BEV)
in the first nine months of 2023. A total of 
123,040 (76,989) BEVs represent a very strong 
year-on-year growth of 59.8%. As a result, the 
BEV share of deliveries rose from 6.4% to 8.8%.
In Europe, the strong growth trend continued. 
The Brand Group delivered 564,003 (454,936)
vehicles, an increase of 24.0% year-on-year. In 
Germany deliveries increased by 19.4% to 
186,257 (155,961) units.
In the USA, deliveries rose strongly by 25.3% to 
172,975 (138,035) units in the reporting period. 
The weak 1-9/22 was heavily impacted by logistic 
issues.
On the Chinese market, deliveries rose in 1-9/23 
by 4.9% to 524,417 (499,773) vehicles. After a 
strong Q2/23, the positive development of 
deliveries continued in Q3/23 with a growth of 
10.1% compared with the previous year.
Q1
334
426
Q4
391
407
498
422
Q2
415
485
Q3
Overview
Highlights & milestones
Markets & products
Audi Group financial KPIs
Brands
ESG
Facts

Audi Group with solid ROS despite
negative effects from raw material hedges
Income statement
Income statement
in €m / in % of revenue
Quarterly Update Audi Group Q3/2023
In the first nine months of 2023, the Audi Group 
generated revenue of €50,390m (€44,561m). 
The year-on-year increase of 13.1% is mainly 
attributable to higher sales of vehicles. Lower 
revenue from the sale of parts and components 
for the local production in China had a negative 
effect. 
Costs of goods sold increased driven by higher 
product costs as a consequence of the rising sales 
volume, higher material prices and the larger BEV 
share. Additionally increased research and 
development expenses had a negative impact.
Distribution expenses grew primarily because of 
higher vehicle sales.
Administrative expenses increased slightly. 
The other operating result massively decreased. 
This was mainly driven by negative effects from 
raw material hedges amounting to –€0.7bn.
In contrast, the prior-year figure included positive 
valuation effects of €0.4bn. In addition, residual 
value effects were significantly lower in a year-
on-year comparison.  
Thus, the operating profit amounted to €4,595m 
(€6,250m) with an ROS of 9.1% (14.0%). 
Adjusted for raw material hedge effects the ROS 
would have reached 10.5% (11.7%) in the 
reporting period.
The financial result of the Audi Group decreased 
slightly in the first nine months of the year to 
€1,219m (€1,283m). 
The Audi Group’s business in China1 contributed 
€669m (€823m) to the financial result. The 
decrease is based on challenging market 
conditions in China.
In contrast, higher income from interests and 
securities had a positive effect.
1 Includes the result from 
investments accounted 
for using the equity 
method: FAW-
Volkswagen Automotive 
Co., Ltd., Volkswagen 
Automatic Transmission 
(Tianjin) Co., Ltd., SAIC 
Volkswagen Automotive 
Co., Ltd. and brand 
settlement/ 
performance-related 
income for China 
business.
1-9/2023
1-9/2022
Δ in %
Revenue
50,390
44,561
13.1
Costs of goods sold
–42,307
−36,846
14.8
Gross profit
8,082
7,715
4.8
Distribution 
expenses
–2,328
−2,203
5.6
Administrative 
expenses
–592
−569
4.0
Other operating 
result
–568
1,307
X
Operating profit
4,595
6,250
–26.5
Return on sales 
(ROS)
9.1%
14.0%
–4.9 ppt.
Financial result
1,219
1,283
–5.0
of which China 
business1
669
823
–18.7
Profit before tax
5,813
7,533
–22.8
Income tax expense
–1,341
−1,715
–21.8
Profit after tax
4,472
5,817
–23.1
Special items
–
–32
–100.0
Operating profit 
before special items
4,595
6,282
–26.9
ROS before special 
items
9.1%
14.1%
–5.0 ppt.
Operating profit before special items
in €m / in % of revenue
10
2023
2022
Overview
Highlights & milestones
Markets & products
Audi Group financial KPIs
Brands
ESG
Facts
3,535
(24.8%)
Q3
Q2
FY
7,622
(12.3%)
Q1
Q4
1,816
(10.8%)
1,430
(9.2%)
1,601
(9.3%)
1,317
(9.0%)
1,178
(7.3%)
1,340
(7.8%)

ROS negatively affected by raw material hedges
and rising product costs
Quarterly Update Audi Group Q3/2023
Volume/market remained almost stable. The 
higher sales volume in the reporting period was 
offset by mix effects as well as by a higher 
intensity of competition and therefore slightly 
increased incentives. In addition, residual value 
effects were negative compared with the previous 
year. 
The strong performance by Bentley, Lamborghini 
and Ducati had a positive impact.
Operating profit bridge
in €m / in % of revenue
FX/raw materials: Effects from raw material 
hedges impacted the operating profit extremely 
negatively in a year-on-year comparison (effect in 
1-9/2023: –€0.7bn, 1-9/2022: €0.4bn). 
Product costs developed negatively compared 
with the prior year, mainly as a result of higher 
material prices as well as the increased BEV 
share.
Fixed costs/other had a positive effect in a year-
on-year comparison. 
11
237
1-9/2023
1-9/2022 
before special items
FX/raw materials
hedges
Volume/
market
-1,116
Product costs
6,282
(14.1%)
Fixed costs/other
-30
-778
4,595
(9.1%)
Operating profit bridge
Overview
Highlights & milestones
Markets & products
Audi Group financial KPIs
Brands
ESG
Facts

9,348
Q2
8,000
Q1
8,840
9,413
8,840
8,321
Q3
8,336
Q4
Quarterly Update Audi Group Q3/2023
Total assets of the Audi Group slightly increased 
to €72,188m (€70,812m) as of September 30, 
2023.
The non-current assets of the Audi Group 
increased compared with December 31, 2022. 
Property, plant and equipment increased mainly 
due to investments in infrastructure for 
upcoming products on the fully electric platform 
PPE as well as on the PPC for combustion 
engines. 
Current assets remained almost stable as of 
September 30, 2023. Higher inventories are 
based on the preparation for upcoming sales in 
the next few months as well as persistent 
logistics delays. 
In addition, trade receivables also rose due to 
higher sales volume in Q3/23. 
The Audi Group’s equity increased to €33,945m
(€31,582m) as of September 30, 2023, 
corresponding to an equity ratio of 47.0% 
(44.6%). The increase is mainly based on higher 
retained earnings.
Non-current liabilities remained almost stable.
The slight decrease in current liabilities was 
attributable to the payment of the profit transfer 
to Volkswagen AG from the prior-year. Trade 
payables remained stable. 
Sep 30, 
2023
Dec 31, 
2022
Δ in %
Non-current assets
33,690
32,675
3.1
Current assets
38,481
38,119
0.9
of which 
inventories
9,348
8,336
12.1
of which trade 
receivables
6,070
5,471
10.9
Assets held for 
distribution to owners
18
18
–
Total assets
72,188
70,812
1.9
Equity
33,945
31,582
7.5
Non-current 
liabilities 
14,387
14,415
–0.2
Current
liabilities
23,856
24,815
–3.9
of which trade 
payables
8,603
8,632
–0.3
Total liabilities and 
equity
72,188
70,812
1.9
12
Increased inventories and trade receivables
due to higher production and wholesales
Balance sheet
Balance sheet
Audi Group, in €m 
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Quarterly inventories
in €m
2023
2022
Audi Q4 e-tron

Net cash flow solid despite negative working capital 
impact and high investments for upcoming products
Cash flow statement
Cash flow statement
in €m
Quarterly Update Audi Group Q3/2023
In the first nine months of 2023, the Audi Group 
generated cash flow from operating activities of 
€7,388m (€7,998m). 
The year-on-year decrease is mainly attributable 
to a lower profit before taxes. 
Working capital developed negatively in the 
reporting period mainly driven by increased 
inventories and higher trade receivables partly 
offset by rising payables. 
Capital expenditure rose to –€1,921m 
(–€1,404m) because of investments in new 
products, for instance for the fully electric 
platform PPE as well as for the PPC for 
combustion engines. Capitalized development 
costs increased moderately, while changes in 
participations decreased. 
As a result, net cash flow of the Audi Group 
reached €3,498m (€4,579m) in the reporting 
period. 
Cash flow from investing activities totaled 
–€2,492m (–€6,091m), including inflows from 
fixed-term deposits, among other things.
Cash flow from financing activities amounted to 
–€4,262m (–€4,378m). It mainly contains the 
profit transfer to Volkswagen AG from the prior-
year. 
The net liquidity of the Audi Group as of 
September 30, 2023, remained almost stable at 
€22,358m (€22,570m as of December 31, 
2022).
Net cash flow
in €m
1-9/2023
1-9/2022
Δ in %
Cash flow from 
operating activities
7,388
7,998
–7.6
Investing activities 
attributable
to operating 
activities
–3,890
–3,419
13.8
of which capital 
expenditure
–1,921
–1,404
36.8
of which capitalized 
development costs
–1,664
–1,604
3.7
of which changes in 
participations
–330
–522
–36.9
Net cash flow
3,498
4,579
–23.6
Cash flow from 
investing activities
–2,492
–6,091
–59.1
Cash flow from 
financing activities
–4,262
–4,378
–2.6
Net liquidity (Sep 30, 
2023, compared with 
Dec 31, 2022)
22,358
22,570
–0.9
13
956
229
172
1,710
Q1
FY
Q4
Q2
Q3
1,638
1,985
1,616
4,808
2023
2022
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Facts

Solid net cash flow despite headwinds from working capital 
and rising capital expenditure
Net cash flow bridge
Quarterly Update Audi Group Q3/2023
The reported gross cash flow reflects the solid 
performance in 1-9/2023. 
Working capital had a negative effect in the 
reporting period. Inventories increased due to the 
high production rate for upcoming sales in the 
next few months as well as persistent logistics 
delays. Trade receivables recorded an increase as 
a result of higher sales. 
The effects were partly offset by rising payables 
at the same time. 
Net cash flow bridge
in €m, 1-9/2023
Capital expenditure of the Audi Group went up 
due to investments in upcoming products 
especially for the new fully electric platform PPE 
as well as the PPC for combustion engines. 
Capitalized development costs reflect the current 
product development life cycle.
(Dis-) Investments in participations include 
mainly the cash outflow in connection with 
investments for the Formula 1 activities. 
14
8.075
3.828
3.498
26
Gross cash flow
(Dis-) Investments 
in participations
Operating 
net cash flow
Change in 
working capital
Capital 
expenditure
Capitalized 
development costs
Other
Net cash flow
-688
-1,921
-1,664
-330
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Facts

Audi Group increases investments 
in BEV transformation
Investments: R&D and capex
Research and development
in €m / in % of revenue
Quarterly Update Audi Group Q3/2023
Capital expenditure
in €m in % of revenue
1,921
(3.8%)
1–9/2022
1–9/2023
1,404
(3.2%)
+36.8%
Capex rose to €1,921m (€1,404m).
The very strong increase is primarily attributable 
to investments in upcoming products, for 
instance for the fully electric platform PPE as well 
as for the PPC for combustion engines.
The capex ratio increased to 3.8% (3.2%).
1-9/2023
1-9/2022
Δ in %
R&D activities
3,696
3,228
14.5
R&D ratio
7,3%
7.2%
0.1 ppt.
Capitalized R&D
1,664
1,604
3.7
Capitalization ratio
45.0%
49.7%
–4.7 ppt.
Amortization of 
capitalized R&D 
1,121
1,200
–6.6
R&D expenditure
3,154
2,824
11.7
In the first nine months of 2023, the R&D ratio 
amounted to 7.3% (7.2%). The increase of the 
research and development activities in total is 
based on investments in new models, especially 
in the area of electrification. In contrast, the R&D 
ratio increased only slightly driven by higher 
revenue.
The capitalization rate declined to 45.0%
(49.7%). The ratio reflects the current product 
life cycle of the model range.
15
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Facts
Audi Q8 e-tron1
1 Audi Q8 55 e-tron
quattro: fuel 
consumption (combined) 
in l/100 km: 24.4–20.6 
(WLTP); CO2 emissions 
(combined) in g/km: 0 
(WLTP); Consumption 
and emission figures are 
available only according 
to WLTP and not 
according to NEDC.

Guidance slightly updated: Audi Group expects top-line growth with continued high 
profitability in 2023 – economic environment remains volatile and challenging
Guidance FY 2023
Subject to the supply and logistics situation as 
well as the expected slight growth of the 
economy, the Audi Group expects the following 
development of the key figures for 2023:
Deliveries of cars of the Progressive Brand Group 
to customers are expected to be between 1.8m 
and 1.9m vehicles. 
Revenue should be between €69bn to €72bn. 
The operating return on sales (ROS) is expected in 
the corridor between 9 and 11% but expects to 
be at the lower end of the guidance. 
The return on investment (ROI) is now seen in the 
range between 17 and 20%. 
The Audi Group expects net cash flow to be 
between €4.5 and €5.5bn but expects to reach 
the lower level of the corridor. 
The guidance for the R&D ratio is now expected 
to be moderately above the strategic target 
corridor. The capex ratio remains unchanged.
Currently Audi is reviewing its China Strategy. 
It contains the adjustment of management 
control in the Audi FAW NEV Co. Ltd.. The jointly 
controlled company will be accounted for using 
the equity method. The ownership structure will 
remain unchanged.
The Audi Group continues to see risks in 
protectionist tendencies, turbulence in the 
financial markets and structural deficits in 
individual countries. Growth prospects are also 
weighed down by ongoing geopolitical tensions 
and conflicts. 
Quarterly Update Audi Group Q3/2023
Guidance FY 2023 Audi Group
2022
2023 guidance
Strategic target
Deliveries to customers
cars
1.6m
between 1.8m and 1.9m
–
Revenue
in €bn
61.8
between 69 and 72
–
Operating return on sales
in %
12.2
between 9 and 11
2027: ~12
2030: ~14
Capex ratio
in %
4.2
within the strategic 
target corridor
between 4 and 5
R&D ratio
in %
7.3
Update: moderately above the 
strategic target corridor
between 6 and 7
Net cash flow
in €bn
4.8
between 4.5 and 5.5
–
Return on investment (ROI)
in %
22.2
Update: between 17 and 20
above 21
16
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Facts
Audi Q8 e-tron
1 Audi Q8 55 e-tron
quattro: fuel 
consumption (combined) 
in l/100 km: 24.4–20.6 
(WLTP); CO2 emissions 
(combined) in g/km: 0 
(WLTP); Consumption 
and emission figures are 
available only according 
to WLTP and not 
according to NEDC.

Brand Group1
Audi
Bentley
Lamborghini
Ducati
Deliveries to customers
Cars
1,404,833
1,387,036
10,053
7,744
47,867
Revenue
in €m
50,390
45,374
2,309
2,026
877
Operating profit 
in €m
4,595
3,332
506
618
140
ROS 
in % of revenue
9.1%
7.3%
21.9%
30.5%
15.9%
Mid-term ROS
2027, in % of revenue
~12%
~11%
~20%
~25%
~14%
Long-term ROS
2030, in % of revenue
~14%
~13%
~20%
~25%
~14%
2023-2027 investment 
in €bn
42.6
36.8
3.3
1.9
0.6
Progressive Brand Group result is driven by higher 
volume and strong brands
Overview
Key performance indicators 1
-9/2023 
Quarterly Update Audi Group Q3/2023
1 The sum of the 
individual brands does 
not equal the figure of 
the Progressive Brand 
Group due to 
consolidation effects.
2 Lamborghini Huracán 
STO: fuel consumption 
(combined) in l/100 km: 
13.9 (WLTP); CO2
emissions (combined) in 
g/km: 331 (WLTP).*
3 Bentley Flying Spur 
Hybrid: fuel consump-
tion (combined) in l/100 
km: 3.3 (WLTP); electric 
power consumption 
(combined) in 
kWh/100km: 24.4; CO2
emissions (combined) in 
g/km: 75 (WLTP).*
4 Audi RS e-tron GT: 
electric power consump-
tion (combined) in 
kWh/100 km: 22.5–20.6 
(WLTP); CO2 emissions 
(combined) in g/km: 0 
(WLTP).*
* Consumption and 
emission figures are 
available only according 
to WLTP and not 
according to NEDC.
Bentley 11% (9%)
Audi 73% (81%)
Lamborghini 13% (9%)
Ducati 3% (2%)
Operating profit by brand
in % of total operating profit1
The Progressive Brand Group showed a solid  
performance in the first nine months of 2023, 
mainly driven by higher volume. Luxury brands 
enjoyed persistently strong demand for 
personalized products. 
Return on sales ambitions were redefined for the 
Brand Group and the individual brands. By 2027 
the Brand Group ROS should exceed 12%. 
17
Ducati Panigale
V4 SP2
Bentley Flying Spur Hybrid3
Lamborghini Huracan STO2
Audi RS e-tron GT4
Overview
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ESG
Facts

1-9/2023
1-9/2022
Δ in %
A0/A segment
541,984
467,399
16.0
B segment
488,109
452,562
7.9
C segment
341,214
259,592
31.4
D segment
15,729
13,969
12.6
Total
1,387,036
1,193,529
16.2
BEV
123,040
76,989
59.8
Audi brand continues to deliver solid performance 
despite negative hedging effects in 2023
Audi
Quarterly Update Audi Group Q3/2023
1 Includes Audi models 
built locally by 
associated Chinese 
companies [FAW-
Volkswagen Automotive 
Co., Ltd., Changchun 
(China), and SAIC 
Volkswagen Automotive 
Co., Ltd., Shanghai 
(China)], available and 
sold exclusively in China.
2 Audi e-tron GT quattro: 
electric power consump-
tion (combined) in 
kWh/100 km: 21.6–19.6 
(WLTP); CO2 emissions 
(combined) in g/km: 0 
(WLTP). Consumption 
and emission figures are 
available only according 
to WLTP and not 
according to NEDC.
18
1-9/2023
1-9/2022
Δ in %
A0/A segment
569,781
491,902
15.8
B segment
496,758
452,051
9.9
C segment
347,016
284,583
21.9
D segment
15,674
15,355
2.1
Total
1,429,229
1,243,891
14.9
BEV
149,974
83,903
78.7
Production
in units
Revenue increased by 15.0% to €45,374m 
(€39,462m) driven by higher sales of vehicles. 
Operating profit decreased by –33.8% to 
€3,332m (€5,035m) mainly due to negative 
valuation effects from raw material hedges 
amounting to –€0.7bn (€0.4bn) and higher 
production costs due to rising material prices, a 
higher BEV share and increased R&D expenses. 
The operating return on sales reached 7.3%. 
Adjusted for raw material hedge effects, the ROS 
would have reached 8.9% (10.1%).
Financial highlights
Audi brand, in €m / in % of revenue
1-9/2023
1-9/2022
Δ in %
Revenue
45,374
39,462
15.0
Operating profit
3,332
5,035
–33.8
ROS
7.3%
12.8%
–5.4 ppt.
Deliveries to customers1
by region in % of total Audi deliveries to customers
In the first nine months of 2023, Audi produced 
1,429,229 (1,243,891) vehicles, a 14.9% year-
on-year increase also due to the improved supply 
situation. 
Deliveries also improved by 16.2% year-on-year 
to 1,387,036 (1,193,529) cars. In Europe and 
the USA in particular, market shares were 
expanded. With the Q4 e-tron series as the main 
driver, Audi increased deliveries of fully electric 
vehicles by 59.8% to 123,040 (76,989) units and 
thus continued the ramp-up of electric mobility.
in units
China incl. HK 38% (42%)
Europe 40% (38%)
USA 12% (11%)
Other markets 10% (10%)
Overview
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Facts
Audi e-tron GT quattro2

1-9/2023
1-9/2022
Δ in %
Bentayga
4,405
4,688
–6.0
Continental
3,139
3,554
–11.7
Flying Spur
2,509
3,074
–18.4
Total
10,053
11,316
–11.2
1-9/2023
1-9/2022
Δ in %
Bentayga
4,423
5,319
–16.8
Continental
3,304
3,472
–4.8
Flying Spur
2,602
3,316
–21.5
Total
10,329
12,107
–14.7
PHEV
1,026
1,524
–32.7
Bentley with strong financial performance
despite difficult market conditions
Bentley
Production
in units
Quarterly Update Audi Group Q3/2023
Revenue reached €2,309m (€2,490m), 
influenced by lower sales volume but positive  
improvements in the mix, especially for 
personalization.
Operating profit decreased significantly by 
–11.9% to €506m (€575m), negatively affected 
by currency effects, among other things.
The operating return on sales remained strong at 
21.9% (23.1%).
Financial highlights
Bentley Group, in €m / in % of revenue
1 Bentley Flying Spur 
Hybrid: fuel 
consumption (combined) 
in l/100 km: 3.3 (WLTP); 
electric power 
consumption (combined) 
in  kWh/100km: 24.4; 
CO2 emissions 
(combined) in g/km: 75 
(WLTP). Consumption 
and emission figures are 
available only according 
to WLTP and not 
according to NEDC.
1-9/2023
1-9/2022
Δ in %
Revenue
2,309
2,490
–7.3
Operating profit
506
575
–11.9
ROS
21.9%
23.1%
–1.2 ppt.
Deliveries to customers
in units
by region in % of total Bentley deliveries to customers
China incl. HK 22% (24%)
Europe 27% (28%)
USA 27% (26%)
Other markets 24% (22%)
In the reporting period the production of Bentley 
decreased by –14.7%  to 10,329 (12,107) 
vehicles.
Deliveries to customers amounted to 10,053 
(11,316) cars, a significant decrease of –11.2% 
compared with 1-9/22. The decline was mainly 
driven by challenging market conditions. The 
bestseller remains the Bentayga luxury SUV.
19
Bentley Flying Spur Hybrid1
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Lamborghini continues to perform at a high level and 
maintains its excellent performance
Lamborghini
Production
in units
Quarterly Update Audi Group Q3/2023
The Aventador series is currently at the end of its 
product life cycle. The all-new Revuelto was 
presented in Q1/23 and will be introduced in the 
market at the end of the year. 
Revenue grew to €2,026m (€1,926m), driven 
mainly by better volume, higher personalization 
and the sale of special models.
Operating profit rose noticeably by 8.4% to 
€618m (€570m), with a corresponding strong 
operating return on sales of 30.5% (29.6%).
Financial highlights
Lamborghini Group, in €m / in % of revenue
1 Lamborghini Hurácan
Tecnica: fuel 
consumption (combined) 
in l/100km: 14.5 
(WLTP); CO2 emissions 
(combined): 328 g/km 
(WLTP). Consumption 
and emission figures are 
available only according 
to WLTP and not 
according to NEDC.
1-9/2023
1-9/2022
Δ in %
Revenue
2,026
1,926
5.2
Operating profit
618
570
8.4
ROS
30.5%
29.6%
0.9 ppt.
1-9/2023
1-9/2022
Δ in %
Urus
4,343
4,246
2.3
Huracán
2,951
2,474
19.3
Aventador
6
623
–99.0
Revuelto
65
4
X
Total
7,365
7,347
0.2
PHEV
65
4
X
Deliveries to customers
in units
1-9/2023
1-9/2022
Δ in %
Urus
4,606
4,384
5.1
Huracán
3,089
2,378
29.9
Aventador
49
668
–92.7
Revuelto
–
–
–
Total
7,744
7,430
4.2
China incl. HK 8% (11%)
Europe 35% (32%)
USA 30% (30%)
Other markets 27% (26%)
by region in % of total Lamborghini deliveries to customers
From January to September 2023, the brand 
produced 7,365 (7,347) cars and therefore 
remained at the previous year’s level.
Deliveries to customers grew by 4.2% to 7,744
(7,430) cars. Especially in Europe, deliveries to 
customers increased year-on-year. 
While the Urus remains the bestseller, deliveries 
of the Huracán model series also increased 
significantly by 29.9% compared with 1-9/22. 
20
Overview
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Facts
Lamborghini Huracán Tecnica1

1-9/2023
1-9/2022
Δ in %
Scrambler
6,347
7,106
–10.7
Naked/Sport Cruiser 
Diavel, Monster, 
Streetfighter
15,592
16,464
–5.3
Dual/Hyper 
Hypermotard, Desert X, 
Multistrada
16,959
16,878
0.5
Sport 
Supersport, Panigale
8,969
9,410
–4.7
Total
47,867
49,858
–4.0
1-9/2023
1-9/2022
Δ in %
Scrambler
6,711
8,545
–21.5
Naked/Sport Cruiser 
Diavel, Monster, 
Streetfighter
14,748
18,509
–20.3
Dual/Hyper 
Hypermotard, Desert X, 
Multistrada
15,095
19,365
–22.1
Sport 
Supersport, Panigale
9,433
9,777
–3.5
Total
45,987
56,196
–18.2
Ducati with strong financial figures 
despite lower deliveries
Ducati
Quarterly Update Audi Group Q3/2023
Deliveries to customers
in units
by region in % of total Ducati deliveries to customers
China incl. HK 5% (8%)
Europe 59% (54%)
USA 14% (13%)
Other markets 22% (24%)
Production
in units
Financial highlights
Ducati Group, in €m / in % of revenue
1-9/2023
1-9/2022
Δ in %
Revenue
877
872
0.5
Operating profit
140
109
28.1
ROS
15.9%
12.5%
3.4 ppt.
The Ducati brand produced 45,987 (56,196) 
motorcycles worldwide in the first nine months of 
2023, a decrease of –18.2% compared with the 
prior-year period mainly to optimize inventories. 
Deliveries decreased by – 4.0% to 47,867 
(49,858) bikes compared with the strong prior-
year.
Revenue was stable at €877m (€872m). 
Operating profit rose strongly by 28.1% to 
€140m (€109m) due to a better mix.
The operating return on sales reached 15.9%
(12.5%) and remained at a strong level. 
Ducati Panigale V4 R
21
Overview
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ESG
Facts

Anchoring Environmental, Social and Governance at the Audi Group
Overview
“Vorsprung 2030” is the name of Audi’s strategy 
for successfully mastering the transformation of 
the automotive industry. ESG – Environmental, 
Social and Governance – plays a major role in this 
strategy and has done so for many years. ESG is 
an important pillar and concerns all areas of the 
company and its value chain.
AUDI AG has been working intensively on 
describing its ESG goals and integrating them 
into the company’s processes.
The main lever is the clear focus on electric 
mobility: with the e-tron GT1 and the Q4 e-tron
models as well as the new Audi Q8 e-tron,2 the 
Four Rings is already offering an attractive range 
of electric vehicles to its customers.
Quarterly Update Audi Group Q3/2023
And the brand will be expanding its e-portfolio in 
the next years: by 2027, Audi wants to offer an 
all-electric vehicle in all core segments of its 
portfolio. Then, according to current product 
planning, Audi will have more than 20 e-models 
in its range.
Furthermore, the company focuses on the 
ecological footprint of its vehicles, which should 
be further reduced over the entire life cycle. Audi 
is reducing CO₂ emissions at various levels of the 
company, from the consistent implementation of 
the Roadmap E to the Mission:Zero environ-
mental program and the decarbonization of the 
supply chain. The latter includes, for example, 
training programs and a sustainability rating (S-
Rating) for suppliers.
Audi’s goal is to continuously improve standards 
in the supply chain as well as at its own 
production sites. As of today, production at the 
Audi sites in Brussels (Belgium), Györ (Hungary) 
and Böllinger Höfe in Neckarsulm (Germany) is 
already net carbon-neutral,3 and the company 
aims for net carbon-neutral production in 
Ingolstadt from 2024 and at all production sites 
from 2025 onwards. Moreover, Audi has been the 
first premium car manufacturer in the Alliance 
for Water Stewardship (AWS) since January 
2023.
1 Audi e-tron GT quattro: electric 
power consumption (combined) 
in kWh/100 km: 21.6–19.6 
(WLTP); CO₂ emissions 
(combined) in g/km: 0 (WLTP)*; 
Audi RS e-tron GT: electric power 
consumption (combined) in 
kWh/100 km: 22.1–19.8 
(WLTP); CO₂ emissions 
(combined) in g/km: 0 (WLTP).*
2 Audi Q8 e-tron: electric power 
consumption (combined) in 
kWh/100 km: 24.4–20.1 
(WLTP); CO₂ emissions 
(combined) in g/km: 0 (WLTP).*
* Consumption and emission 
figures for the vehicle are 
available only according to WLTP 
and not according to NEDC.
3 Audi regards net carbon 
neutrality as a state in 
which, following the exhaustion 
of other possible 
measures aimed at reducing the 
still remaining CO₂ 
emissions caused by the 
products or activities of Audi 
and/or currently unavoidable CO₂ 
emissions within the scope 
of the supply chain, 
manufacturing and recycling of 
Audi vehicles, at least 
quantitative compensation is 
provided through voluntary and 
globally conducted 
compensation projects. 
Throughout the utilization phase 
of a vehicle, meaning from when 
a vehicle is delivered to a 
customer, CO₂ emissions 
produced are not taken into 
account.
22
In parallel, Audi launches projects to improve its 
performance in the area of circular economy. An 
example is the “MaterialLoop” project, which 
started in autumn 2022: in a trial, Audi and 
some partner companies recycled 100 end-of-life 
vehicles and analyzed how the materials glass, 
aluminum, plastic and steel can be reused in the 
production of new vehicles. 
The great importance of ESG is underlined by the 
voluntary and extensive reporting of key figures 
on the EU taxonomy since 2021. In the first 
quarter of 2023, the Audi Group has also 
achieved an important milestone. With a grade 
of C+, Audi successfully completed the ISS ESG 
rating.
Investments in a sustainable future
EU taxonomy and ESG rating
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Audi Group voluntarily reports KPIs in accordance with the EU taxonomy 
regulation
EU taxonomy
Quarterly Update Audi Group Q3/2023
Revenue1
1 For further information 
and definitions, please 
refer to the Audi Report 
2022. Please note that 
the capital expenditure 
definition according to 
EU taxonomy used on 
this slide differs from 
the capex definition of 
Audi Group on the 
previous slides.  The 
Capital expenditure and 
operating expenditure 
figures are only 
disclosed every 6 
months.
taxonomy-aligned
not taxonomy-eligible
taxonomy-eligible
1-9/2023
H1/2023
23
Capital expenditure1
H1/2023
Operating expenditure1
Of the Audi Group’s total opex in H1/2023
–
€1.4bn (€1.2bn), or 100% (100%), was 
taxonomy-eligible opex
–
€0.5 (€0.4bn), or 39.2% (33.6%), was 
taxonomy-aligned opex
–
The increase is attributable to the increasing 
number of environmentally sustainable 
projects in accordance with the EU taxonomy
35.5%
taxonomy-aligned
€0.8bn
100%
taxonomy-eligible
€2.3bn
Of the Audi Group’s total capex in H1/2023
–
€2.3bn (€2.0bn), or 100% (100%), was 
taxonomy-eligible capex
–
€0.8bn (€0.9bn), or 35.5% (44.4%), was 
taxonomy-aligned capex
–
The decrease is mainly attributable to life 
cycle-related fluctuations in capitalizable 
development costs for BEVs
39.2%
taxonomy-aligned
€0.5bn
100%
taxonomy-eligible
€1.4bn
15.7%
taxonomy-aligned
€7.9bn
86.0%
taxonomy-eligible
€43.3bn
Of the Audi Group’s total revenue in 1-9/2023  
–
€43.3bn (€37.1bn), or 86.0% (83.3%), was 
taxonomy-eligible revenue
–
€7.9bn (€5.5bn), or 15.7% (12.4%), was 
taxonomy-aligned revenue
–
The increase is mainly attributable to higher 
BEV-related revenue of €6.0bn (€4.0bn) or 
11.9% (8.9%) of total revenue  
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Audi Ingolstadt to achieve net carbon-neutral** production in 2024
Environment
Quarterly Update Audi Group Q3/2023
In addition, Audi also generates renewable 
energy in-house, the second pillar of the concept. 
To date, photovoltaic modules have been 
installed on an area of 23,000 square meters at 
the Ingolstadt plant. In the coming years, Audi 
will continue to increase the share of renewable 
energy it generates itself at all its production 
sites.
As the third pillar of the concept, Audi is also 
transitioning its procured of energy to be net 
carbon-neutral. Audi has been producing cars in 
Ingolstadt exclusively with green electricity since 
early 2012. 
24
The Audi plant in Ingolstadt will begin net 
carbon-neutral** production on January 1, 2024. 
The main plant will build the new Audi Q6 e-tron
series. After Brussels (Belgium, 2018) and Győr
(Hungary, 2020), it will be the third Audi plant to 
operate with net zero carbon emissions.
As part of its Mission:Zero environmental 
program, Audi has set itself the goal of achieving 
net carbon neutrality** at all its sites worldwide 
by 2025. By then, the final steps will have been 
taken in Neckarsulm and San José Chiapa
(Mexico).
Audi Board Member for Production and Logistics 
Gerd Walker emphasizes: “Protecting the 
environment as best as possible is firmly 
anchored in Audi’s corporate strategy. By 
transitioning the Ingolstadt site to renewable 
energies, we are taking a major step toward our 
goal of net carbon-neutral** vehicle production.” 
To achieve its ambitious goal, the brand with the 
four rings is implementing a four-pillar concept.
In the first pillar, Audi is improving energy 
efficiency at its sites, which will already avoid 
large amounts of carbon emissions compared to 
today. 
As the fourth and final pillar, any carbon 
emissions that Audi cannot yet avoid (a maximum 
of 10 percent of the original carbon emissions) 
are offset by purchasing carbon credits that are 
certified according to the highest quality 
standards such as Gold Standard. At the 
Ingolstadt plant, this also includes logistics 
within the plant.
read more
* Current value from 2022
** Audi understands net-
zero CO2 emissions to 
mean a situation in 
which, after other 
possible reduction 
measures have been 
exhausted, the company 
offsets the carbon 
emitted by Audi’s 
products or activities 
and/or the carbon 
emissions that currently 
cannot be avoided in the 
supply chain, 
manufacturing, and 
recycling of Audi vehicles 
through voluntary 
offsetting projects 
carried out worldwide. In 
this context, carbon 
emissions generated 
during a vehicle’s 
utilization stage, i.e. 
from the moment it is 
delivered to the 
customer, are not taken 
into account.
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Information on HR figures and Audi’s new 
Vehicle Safety Center 
Social & workforce
Workforce Audi Group
Average for the year
Quarterly Update Audi Group Q3/2023
Age structure
FY 2022, AUDI AG, excluding apprentices
1 Of these employees,
1,711 (2,172) were in
the passive stage of
their partial retirement.
Sep 30, 
2023
Sep 30, 
2022
Δ in %
Domestic companies1
53,839
55,657
–3.3
Foreign companies
31,235
29,786
4.9
Employees
85,074
85,443
–0.4
Apprentices
2,238
2,318
–3.5
Employees of Audi 
Group companies
87,312
87,761
–0.5
Staff employed from 
other Volkswagen 
Group companies not 
belonging to the Audi 
Group
485
452
7.3
Workforce Audi 
Group
87,797
88,213
–0.5
> 50 years 31.5%
< 30 years 12.1%
30-50 years 56.4%
41,8
42,3
42,5
2020
2021
2022
Average age
FY 2022 AUDI AG, excluding apprentices and fixed-term 
employees
0.9
19.0
13.0
Turnover rate
(FY 2022, in percent, excl. apprentices,
average figure for the year)
Average length of service
(FY 2022, in years, excl. apprentices)
Average training time
per employee 
(FY 2022, in hours, total employees)
Percentage of women
(FY 2022, Audi Group)
15.9
25
The new Audi Vehicle Safety Center in Ingolstadt 
went officially into operation as part of the 
inauguration of the incampus technology park. 
The facility is Audi’s most important development 
facility in passive safety: Around 100 employees 
will work here, covering all test scenarios that are 
known and relevant today. 
During the design phase, it was ensured that the 
facility would be capable of performing tests that 
go well beyond the current requirements of 
Audi’s many markets. This means that the facility 
can be flexibly adapted to future developments.
Audi invested a total of around 100 million euros 
in the facility, with construction taking three 
years. The new Vehicle Safety Center can handle a 
greater number and variety of vehicle crash tests 
than the crash hall previously used on the 
Ingolstadt plant site.
The facility is also much more extensive, with a 
core area of 130 by 110 meters and a height of 
20 meters. The integrated crash arena consists of 
a support-free area measuring 50 by 50 meters, 
while the opposing run-up tracks have a total 
length of 250 meters, enabling tests at speeds 
exceeding today’s usual requirements. An 
additional lane also allows right-angle car-to-car 
crashes involving two vehicles. read more
Audi opens new Vehicle Safety 
Center
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Human Rights & Audi: 
Taking action instead of looking the other way
Governance
Be vigilant, get better, don’t downplay risks: As 
Audi Human Rights Officer, Daniel Patnaik 
reviews, analyzes and monitors all of the Group’s 
activities that are relevant to human rights.
Question: Mr. Patnaik, in what way are human 
rights an issue at Audi? 
Patnaik: As a globally active automobile 
manufacturer, Audi bears a great deal of 
responsibility – for the environment, for its own 
employees and for society as a whole. And 
therefore also for the people along the Audi 
supply chain who are at work for the company. 
This responsibility is very important to us, which 
is why we have made it one of our four corporate 
values, along with appreciation, openness and 
integrity.
We therefore consider it a matter of course not 
only to commit ourselves to respecting and 
observing human rights, but also to taking on as 
much responsibility as we possibly can. However, 
we also realize that risks such as human rights 
violations do exist, and with tens of thousands of 
employees and suppliers, we can’t rule these 
risks out one hundred percent. We must 
therefore gain a precise understanding of the 
risks and their causes, and then develop or refine 
measures to ensure that they do not occur in the 
first place – or that they can be dealt with and 
remedied effectively. 
Quarterly Update Audi Group Q3/2023
Question: What does this mean for your daily 
work?
Patnaik: I’m the central point of contact at Audi 
for everything to do with human rights. My team 
and I review, analyze and monitor all of the Audi 
Group’s activities that are relevant to human 
rights and create systems for such things as risk 
identification, risk analysis and risk assessment, 
along with concrete preventive measures. These 
systems follow the “Plan-Do-Check-Act” logic, 
which is a classic management approach. 
That the subject of human rights is firmly 
embedded in our established compliance 
management system is a major plus for our work. 
What’s also very important from my point of view 
is the transparency that we’re going to create as 
of 2024 with a detailed annual report on the 
fulfillment of our due diligence obligations, 
which will be made available to our Board of 
Management and the Economic Committee, as 
well as to employees, authorities and the public –
to name just a few of our stakeholder groups. 
Read the full interview here
26
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Facts
Since the beginning of 2023, Daniel Patnaik has 
been coordinating and monitoring the 
observance of human rights within the Audi 
Group and along the supply chain in his role as 
Human Rights Officer.

Volkswagen Group synergies enable global manufacturing 
footprint for the Audi Group
Production sites
Quarterly Update Audi Group Q3/2023
1 Production of semi-
knocked-down (SKD) 
vehicles: vehicles are 
fully assembled, then 
partly disassembled for 
transport, final assembly 
is performed in 
accordance with Audi 
quality standards.
2 Production of completely 
knocked-down (CKD) 
vehicles: parts kits are 
produced in foreign sites 
for transport to China. 
Final assembly is 
completed at joint 
venture sites.
3 Associated company site 
of FAW-Volkswagen 
Automotive Co., Ltd.
4 Associated company site 
of SAIC Volkswagen 
Automotive Co., Ltd. 
Bratislava, Slovakia
Amphur Pluakdaeng, Thailand
Foshan, China
Anting, China
Tianjin, China
Changchun, China
Manaus, Brazil
20
6
16 
Sant’Agata Bolognese, Italy
8
Bologna, Italy
9
Győr, Hungary
4
Zwickau, Germany
5
Qingdao, China
13
San José Chiapa, Mexico
18
São José dos Pinhais, Brazil
19
Brussels, Belgium
3
Neckarsulm, Germany
2
Martorell, Spain
7
Ingolstadt, Germany
1
10
Crewe, United Kingdom
Aurangabad, India
17
21
14
Ningbo, China
15
12
11
1 Ingolstadt, Germany
Q2 | A3 series | 
A4 series | A5 series
2 Neckarsulm, Germany 
A4 Sedan | A5 Cabriolet | 
A6 series | A7 series | 
A8 series | R8 series | 
e-tron GT series
3 Brussels, Belgium
Q8 e-tron series
4 Győr, Hungary 
TT series | Q3 series
Audi
5 Zwickau, Germany 
Q4 e-tron series
6 Bratislava, Slovakia 
Q7 series | Q8 series
7 Martorell, Spain
A1 series | RS 3 Sedan
11 Changchun, China2,3
A4 L Sedan | A6 L Sedan |
Q5 L series | Q8 e-tron series
12 Tianjin, China2,3
Q3 series
13 Qingdao, China2,3
A3 series
14 Anting, China2,4
Q5 Roadjet e-tron | 
A7 L Sedan
16 Foshan, China2,3
Q2 L | Q2 L e-tron |
Q4 e-tron
17 Aurangabad, India
Q3 series | A4 Sedan | 
A6 Sedan | Q5 | Q7
18 San José Chiapa, Mexico 
Q5 series
19 São José dos Pinhais, Brazil
Q3 series1
15 Ningbo, China2,4
Q6 Roadjet
21 Amphur Pluakdaeng,  
Thailand 
DesertX | Diavel | 
Hypermotard | Monster | 
Multistrada | Panigale |
Scrambler | Streetfighter | 
SuperSport
20 Manaus, Brazil
DesertX | Diavel | Monster | 
Multistrada | Panigale | 
Scrambler | Streetfighter
9 Bologna, Italy  
DesertX | Diavel | Hypermotard |
Monster| Multistrada | Panigale |
Scrambler | Streetfighter | 
Superleggera | SuperSport 
Ducati
8 Sant’Agata Bolognese, Italy  
Revuelto | Huracán series | Urus
10 Crewe, United Kingdom
Bentayga | Continental series | 
Flying Spur
Lamborghini
Bentley
27
Production site of Audi
Production site of VW Group
Production site of 
Lamborghini
Production site of Bentley
Production site of Ducati
Associated company site 
in China
22
22 Changchun, China  
Audi FAW NEV Company, Ltd., under construction
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Bentayga
Urus
Huracán
Revuelto
Audi, Bentley, Lamborghini and Ducati cover 
a broad portfolio
Product portfolio
Audi1
Quarterly Update Audi Group Q3/2023
excluding models offered only on the Chinese market
Lamborghini2
excluding limited series 
1 All consumption and 
emissions figures 
available online.
2 All consumption and 
emissions figures 
available online.
3 All consumption and 
emissions figures 
available online.
e-tron GT
Q8 e-tron
A1
A5
Q2
R8
A4
TT
Q4 e-tron
A7
Q8
A3
A6
Q3
Q7
A8
Q5
BEV
ICE
PHEV
Continental
Flying Spur
Bentley3
excluding limited series 
Hypermotard
Monster
Streetfighter
Panigale
SuperSport
e-bikes
DesertX
XDiavel
Superleggera
Ducati
excluding limited series 
1
RS model
S model
28
Diavel
Multistrada
Scrambler
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29
Quarterly Update Audi Group Q3/2023

Quarterly Update Audi Group Q3/2023
The presentations as well as remarks/comments and explanations in this 
context contain forward-looking statements on the business development of 
the Audi Group. These statements are based on assumptions relating to the 
development of the economic, political and legal environment in individual 
countries, economic regions and markets, and in particular for the 
automotive industry, which we have made on the basis of the information 
available to us and which we consider to be realistic at the time of going to 
press. The estimates given entail a degree of risk, and actual developments 
may differ from those forecast. All figures are rounded, so minor 
discrepancies may arise from addition of these amounts.
At the time of preparing these presentations, it is not yet possible to 
conclusively assess the specific effects of the latest developments in the 
Russia-Ukraine war on the Audi Group’s business, nor is it possible to predict 
with sufficient certainty to what extent further escalation of the Russia-
Ukraine war will impact on the global economy and growth in the industry in 
fiscal year 2023. Any changes in significant parameters relating to our key 
sales markets, or any significant shifts in exchange rates, energy and other 
commodities or the supply with parts relevant to the Audi Group will have a 
corresponding effect on the development of our business. In addition, there 
may also be departures from our expected business development if the 
assessments of the factors influencing sustainable value enhancement and 
of risks and opportunities presented develop in a way other than we are 
currently expecting, or if additional risks and opportunities or other factors 
emerge that affect the development of our business. We do not update 
forward-looking statements retrospectively. Such statements are valid on 
the date of publication and can be superseded. This information does not 
constitute an offer to exchange or sell or an offer to exchange or buy any 
securities.
The stated consumption and emissions values were determined in 
accordance with the legally stipulated measurement procedure. The 
WLTP test cycle completely replaced the NEDC test cycle with effect from 
January 1, 2022. As a result, no NEDC values are available for vehicles 
with a type approval issued after this date.
The values do not refer to an individual vehicle and are not part of the 
offer; instead, they are solely for the purpose of comparing between 
different types of vehicles. Optional equipment and accessories 
(attachments, tire formats, etc.) may alter relevant vehicle parameters 
such as the weight, rolling resistance and aerodynamics and, alongside 
weather and traffic conditions and individual driving behavior, may 
influence the fuel consumption, electricity consumption, CO2 emissions 
and performance values of a vehicle.
Due to the more realistic test conditions, fuel consumption and CO2
emissions values will in many cases be higher in accordance with the 
WLTP than in accordance with the NEDC. There may have been 
corresponding changes to vehicle taxation since September 1, 2018, as a 
result of this. You can find further information on the differences 
between the WLTP and the NEDC at http://www.audi.co.uk/wltp.
Further information on the official fuel consumption and the official, 
specific CO2 emissions of new passenger car models can be found in the 
“Guide on the fuel economy, CO2 emissions and power consumption of all 
new passenger car models,” available free of charge from all sales 
outlets and from DAT Deutsche Automobil Treuhand GmbH, Hellmuth-
Hirth-Str. 1, 73760 Ostfildern, Germany or at www.dat.de.
Disclaimer
Disclaimer & DAT disclaimer
30