Volkswagen-owned Audi forecast sizeable revenue growth in 2023 to 69-72 billion euros ($149.53 billion) from 61.8 billion last year, but expects a more conservative earnings margin as higher costs weigh on profits, it said on Thursday.
The premium brand had a bumper year in 2022 with earnings up 40% to 7.6 billion euros as it prioritised production of higher-priced products during the chip shortage.
Now that chip shortages are easing, it will normalise its product mix and offer lower-priced models to customers as well, the company said, forecasting an earnings margin of 9-11% for the group consisting of Audi, Bentley, Lamborghini and Ducati, down from last year's 12.2%.
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