The German car manufacturer Audi recorded a sharp decline in profits in the third quarter: the net profit of the Volkswagen subsidiary fell by 87% to 95 million euros, which forced the company to lower its revenue forecast for 2026 to 55-59 billion euros.
CFO Jürgen Rittersberger cited the main reasons for the financial decline as the deterioration of performance in the Chinese market, where sales of internal combustion engine vehicles fell, a 19.7% drop in global shipments and tariffs in the US, which cost the company 1.2 billion euros.
In the midst of the crisis, the company's CEO, Gerano Döllner, announced plans to invest about $4 billion in building a factory in the US that would create 4,500 jobs, but his speech at a Trump campaign event drew severe criticism.
The situation worsens because of local problems: in Germany it is planned to cut up to 7,500 workers by 2029, job security until 2033 is in danger, and the day before the parent company Volkswagen reported a loss of 5.82 billion euros.