Audi AG Revenue in 2024

Audi AG reported $73.0B in revenue for fiscal year 2024. This represents a decline of 2.7% compared to the 2023 figure of $75.0B.

Audi's revenue declined from $75 billion in 2023 to $73 billion in 2024, driven primarily by Chinese market softness. The premium segment in China, which had once been the most reliable growth market for German luxury brands, is now contested territory — local manufacturers have built products that Chinese consumers find comparable or superior at significantly lower prices. Net income of $5.4 billion in FY2024 on $73 billion in revenue is a 7.4% net margin. The Financial Services segment — Audi's captive leasing and financing operation — contributed approximately $8.7 billion in revenue at higher return on equity than the manufacturing business, because interest income on lease portfolios compounds in ways that vehicle gross profit does not. The €34 billion electrification investment through 2028 is funded primarily from operating cash flow, which means it requires sustained profitability from ICE and PHEV vehicles while EV volumes ramp. The timing risk is real: if EV adoption in Europe and China accelerates faster than planned, ICE volumes will decline before the EV manufacturing base is fully productive. If adoption slows, the capital invested in 800-volt architecture and battery gigafactories sits underutilized. Market capitalization of approximately €65 billion prices Audi at roughly 0.89x revenue — a modest multiple that reflects automotive cyclicality, the Chinese market uncertainty, and investor caution about the pace of the EV transition. The Lamborghini subsidiary, which has no publicly disclosed standalone valuation within the group, is widely estimated to be worth €10-15 billion on its own — a number that suggests the market is ascribing limited value to the core Audi automotive business.