Audi posts best-ever sales and profits

[LaArtist]

Audi had lofty goals for 2008, including plans to post a record profit and make one million global sales. The automaker succeeded on both counts, with VW's luxury arm selling 1,003,469 vehicles in 2008 and posting €3.177 billion in profits. That's €2,207 after taxes, a 30.4% improvement versus 2007 profits. Audi grew in every major market outside of the US in 2008, with record sales in Europe and China. US sales were down 6.1% versus 2007.

Most would celebrate a €2,207 payday with a night out on the town or maybe a new flat screen TV, but Audi is slashing costs. Due to the incredibly soft market for luxury automobiles, Audi is expecting to see a sales drop of up to 10%. To keep money flowing, Audi plans to cut hundreds of millions of Euros by slashing costs by 10% at plants, properties, and development. In spite of Audi's cost cutting, CFO Axel Strotbek still expects the 2009 profit loss to be "significant." Make the jump to read Audi's press release.

AMAZING gotta give credit where its due...

 

[EnI]

Impressive ... BUT!

BMW made huge reservations in December 2008 for covering disastrous used cars services - that slashing 2008 profit, and making a loss in 4Q 2008.

Audi haden't done such reservations in 2008. Nor did MB / Daimler. While Daimler 2008 profit was additionally affected by investment in Chrysler ...

Both MB & Audi made same reservations this year in January / February. And that will affect their 1Q profit & total 2009 profit quite heavily.

Accounting engineering.



Btw, cans please someone move this thread into Business news section. Thanks.

 

[LaArtist]

I guess there is always a reason..
Well for now i dont care..im impressed..
And in 1 year we will know what the effect of this so called accounting engineering is..