Another difficult quarter for the Audi group, which encompasses the premium segment of Volkswagen’s offering. 2026 begins with revenues of 14.18 billion euros, a decline of 8%. However, the strong recovery in operating profit stands out, which jumped 10% to 588 million from 537 million in Q1 2025, as well as the operating margin which slightly improved to 4.2% from 3.5%. This is thanks to the austerity measures imposed by Wolfsburg which in 2025 also led to the closure of a plant in Brussels dedicated to the production of electric cars under the Four Rings brand.
VW’S PREMIUM SEGMENT STRUGGLES TO RUN
Total Group deliveries (including all four-wheel brands: Audi, Bentley, Lamborghini) stood at 364,877 units, with a significant loss of 6.1%. The decline was partially offset by growth in Europe (+6%) and Germany (+4%), while North America suffered a 27% contraction due to US tariffs and the end of electric incentives, and China gave up 12 percent due to local competition.
Plug-in hybrid deliveries surpassed the 30,000 unit threshold while global demand for fully electric models slightly decreased, standing at around 42,000 vehicles delivered, following changes to subsidy policies in the United States and China. Overall, electrified vehicles accounted for 20% of deliveries.
THE LAMBORGHINI BULL KEEPS CHARGING
Bentley recorded a negative operating result of 26 million (from +71 million) with a margin of -5.6%, hit by American tariffs and ongoing restructuring, the Group said. The only one still running is the Italian Lamborghini, able to maintain a very high operating margin at 23.1% although down compared to last year (27.7%) with a profit of 200 million.
As for two-wheelers, Ducati saw its margin drop to 3.5% (from 6.3%). Net cash flow jumped to 883 million (from -61 million in Q1 2025), thanks to working capital optimization.
For 2026 the Group confirms the guidance: revenues between 63 and 68 billion, operating margin between 6% and 8%, net cash flow between 3 and 4 billion. The forecasts are based on the tariff situation at the end of April and do not include potential impacts from a further escalation in the Middle East.
LIKE VW, AUDI ALSO SPEAKS OF A NEW PHASE
Statements regarding the Group’s current financial situation echo those released in recent days by the parent company, Volkswagen, which, in addition to indicating the path of savings as the only one to insist on, also admitted that it is navigating by sight in an unprecedented market, characterized by new coordinates.
CFO Jürgen Rittersberger indeed admitted: “The certainties of the past, such as stable sales markets and predictable conditions, no longer apply. The pace of change in the global environment has accelerated significantly. Our performances clearly show that we must act urgently. We are therefore working on cost structures and carrying out efficiency measures.” Words that seem to anticipate a new season of cuts.
