Audi Sees "Dramatic" Industry Shift Towards Emerging Market
German premium car maker Audi AG expects emerging markets to fuel growth for the auto industry in coming years, with the luxury-car segment anticipated to grow faster than the overall market.
“The so-called BRIC-states plus Indonesia and South Korea will account for more than half of the global economic growth until 2025,“ Chief Executive Rupert Stadler said Thursday at a luncheon event organized by the American Chamber of Commerce. BRIC is the acronym for Brazil, Russia, India and China.
“We have to decide now how we want to position ourselves for this future,“ Stadler said. He noted, however, that the U.S. will remain a key market for the auto industry and added that competition there is heating up again after the recovery of U.S. rivals. Stadler said he wants to increase Audi's footprint in the U.S. without granting high rebates to boost market share.
He reiterated that Audi is considering starting car production in the U.S. “We want to transfer our successful strategy from China and Europe to the U.S.,“ Stadler said. He didn't elaborate on the time frame when production in the U.S could start.
The world's third-largest luxury car maker by sales volume after BMW AG and Daimler AG's Mercedes-Benz brand targets a new global sales record of more than 1.2 million cars this year after selling 1.09 million vehicles in 2010, driven by booming demand for luxury cars across the globe. China is set to be become Audi's largest market this year with anticipated sales of around 280,000 cars.
Stadler told German TV station DAF in an interview that Audi might even surpass the 280,000 sales mark in China this year. In the first five months of the year, Audi sold around 535,400 cars worldwide, up almost 18% on the year.
Stadler dismissed recent media reports suggesting the new small A1 suffers from sluggish demand. “Its selling very well,“ he said, adding that the car is on track to reach its sales target of 120,000 cars in 2011.
In May, parent Volkswagen AG inaugurated its new production plant in Chattanooga, Tenn., a cornerstone of the German auto maker's global expansion plan and a crucial step to make its loss-making U.S. operations profitable again. Volkswagen wants to roughly triple its U.S. sales volume to more than 1 million by 2018, with the Audi brand accounting for 200,000 cars.
Audi is a key earnings contributor for Europe's largest auto maker by sales. Audi's first-quarter revenue was up 27% on the year at EUR10.5 billion. Operating profit rose to EUR1.12 billion from EUR478 million in the same period last year. Audi's operating return on sales was 10.6% in the first quarter after 5.8% last year, making it one of the world's most profitable car makers. Chief Financial Officer Axel Strotbek said earlier this year he expects profitability in 2011 to remain at last year's level.
“The so-called BRIC-states plus Indonesia and South Korea will account for more than half of the global economic growth until 2025,“ Chief Executive Rupert Stadler said Thursday at a luncheon event organized by the American Chamber of Commerce. BRIC is the acronym for Brazil, Russia, India and China.
“We have to decide now how we want to position ourselves for this future,“ Stadler said. He noted, however, that the U.S. will remain a key market for the auto industry and added that competition there is heating up again after the recovery of U.S. rivals. Stadler said he wants to increase Audi's footprint in the U.S. without granting high rebates to boost market share.
He reiterated that Audi is considering starting car production in the U.S. “We want to transfer our successful strategy from China and Europe to the U.S.,“ Stadler said. He didn't elaborate on the time frame when production in the U.S could start.
The world's third-largest luxury car maker by sales volume after BMW AG and Daimler AG's Mercedes-Benz brand targets a new global sales record of more than 1.2 million cars this year after selling 1.09 million vehicles in 2010, driven by booming demand for luxury cars across the globe. China is set to be become Audi's largest market this year with anticipated sales of around 280,000 cars.
Stadler told German TV station DAF in an interview that Audi might even surpass the 280,000 sales mark in China this year. In the first five months of the year, Audi sold around 535,400 cars worldwide, up almost 18% on the year.
Stadler dismissed recent media reports suggesting the new small A1 suffers from sluggish demand. “Its selling very well,“ he said, adding that the car is on track to reach its sales target of 120,000 cars in 2011.
In May, parent Volkswagen AG inaugurated its new production plant in Chattanooga, Tenn., a cornerstone of the German auto maker's global expansion plan and a crucial step to make its loss-making U.S. operations profitable again. Volkswagen wants to roughly triple its U.S. sales volume to more than 1 million by 2018, with the Audi brand accounting for 200,000 cars.
Audi is a key earnings contributor for Europe's largest auto maker by sales. Audi's first-quarter revenue was up 27% on the year at EUR10.5 billion. Operating profit rose to EUR1.12 billion from EUR478 million in the same period last year. Audi's operating return on sales was 10.6% in the first quarter after 5.8% last year, making it one of the world's most profitable car makers. Chief Financial Officer Axel Strotbek said earlier this year he expects profitability in 2011 to remain at last year's level.
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