Audi Financial News

Luxury car sales in India could cross the milestone of 50,000 units for the first time in a year in 2024 amid growing demand for such models, according to Audi India head Balbir Singh Dhillon. The overall domestic luxury car segment grew by 28 per cent annually last year to record sales volume of around 48,500 units. Luxury car volumes in India currently account for less than 2 per cent of the overall passenger vehicle sales annually and the sector has been more or less at the same level for the past decade. «Even if the sales grow by around 10 per cent and we do not face issues like disruptions like issues with global supply chain, we (industry) could cross the 50,000 volume mark in a year for the first time ever in 2024,» Dhillon told PTI in an interaction.

pre-owned car facility, Audi Approved: plus in Guwahati, Assam. The inauguration of Audi Approved: plus in Guwahati signifies an addition to Audi India's retail presence, now harboring a total of 26 such pre-owned car facilities in India. Balbir Singh Dhillon, Head of Audi India said, “Audi Approved: plus witnessed a growth of 62% in 2023. We continue to expand our retail business amidst growing demand for luxury cars in the country and are confident of continued growth this year. The inauguration of our twenty-sixth Audi Approved: plus, facility reiterates the demand and growth opportunity and the strength of the brand. Over the next nine months, we will add four new pre-owned car showrooms – thus, taking the total count to thirty Audi Approved: plus, facilities by the end of 2024.”

Audi has officially ceased production of its renowned R8 supercar, marking the end of a 17-year era. The final R8, a high-performance variant, rolled off the assembly line at Audi's Bollinger Hofe plant in Germany and will be preserved at the company's museum in Ingolstadt. The final R8, a high-performance Performance Quattro Edition variant, has a naturally aspirated 5.2-liter V10 engine producing 612 bhp. It was initially powered exclusively by a 4.2-liter V-8, but a few years later Audi dropped the Gallardo's 5.2-liter V-10 into the R8.

Tata Motors, as well as luxury carmakers like Mercedes-Benz and Audi, are all gearing up to roll out an array of EV models over the next few years. Mahindra & Mahindra, for instance, is set to introduce five new battery electric vehicles starting from January 2025, built on its innovative INGLO platform. Nalinikanth Gollagunta, CEO of the Automotive Sector at Mahindra & Mahindra, highlighted the company's strategy to capture a significant portion of the electric vehicle market, aiming for 20-30 percent of its portfolio to be electric by 2027.

India units of luxury car manufacturers such as Mercedes-Benz, BMW and Audi may steer clear of the government’s new electric vehicle (EV) policy, which stipulates a sharp cut in import duty on condition that a $500 million investment is made in local manufacturing. The luxury car makers that have already been present in India for decades would rather accelerate local assembly of EV models in the country as the money will need to be ploughed in within three years of receiving approval under the scheme, said auto executives. The aforementioned companies didn’t officially comment on investments under the new policy. Given that luxury car manufacturers have already invested in India through plants and operations, they don’t see much benefit in another large investment for a segment that’s currently less than 2% of the broader car market. Besides, assembling kits in India already allows for a lower duty structure.

Indian government would encourage local production of premium electric cars in the country, a senior Audi AG executive said on Tuesday. Audi AG Vice-President, Sales Overseas, Andre Konsbruck said the Indian government is taking the right steps to accelerate the adoption of EVs in the country. «The government seems to be very committed to sustainability and to the electric future,» he said in an interaction here while referring to the new electric policy. Konsbruck said that India is perhaps the first market where a specific regulation is targeted towards premium cars.

Top Events of the Day: Prime Minister Narendra Modi is set for a busy day with a public rally in Karnataka's Shivamogga and a roadshow in Coimbatore, Tamil Nadu. The Supreme Court will hear the plea of six disqualified Congress MLAs from Himachal Pradesh, while the National Company Law Appellate Tribunal (NCLAT) hears challenges against the Zee-Sony merger in Maharashtra.

One of the key updates is the battery performance. All 2024 Q4 55 e-tron models now come with an 82 kWh (gross) battery, providing 77 kWh of net energy. Audi engineers have optimized the cell chemistry to increase the DC fast-charging capabilities. This means that under normal conditions, the battery can go from 10 to 80 percent in just 28 minutes. The Q4 55 e-tron quattro now has a maximum DC charging power of 175 kW, up from 150 kW in the Q4 50 e-tron. The e-tron's route planner also prioritizes public DC fast-charging facilities and ensures the battery is ready to charge quickly once connected. In terms of range, the updated Q4 55 e-tron offers an EPA estimated range of 258 miles, which is 22 miles more than its predecessor, the Q4 50 e-tron SUV. The Q4 55 e-tron is also equipped with an updated electric motor on the rear axle for higher efficiency and power. With a maximum of 335 horsepower, it can go from 0 to 60 mph in just 5 seconds.

Volkswagen is recalling more than 261,000 cars in the U.S. to fix a potential fuel leak that can increase the risk of fires

By Olivier Sorgho

MILAN (Reuters) — Lancia on Wednesday revealed its new Ypsilon compact car, the first of three new models promised by the premium brand as part of a multi-year relaunch plan under which it will again sell vehicles outside its Italian home market.

The share of diesel in total sales of luxury vehicles in the local market declined to 35% last year, from about 80% five years, even as buyers continued to shift to feature-rich SUVs. Sales of electric cars, meanwhile, increased to account for 6% of overall volumes in the segment — thrice of that in the mass market — with rich young, aspiring consumers emerging as front runners in adoption of clean technologies.

₹1.65 crore ex-showroom. The luxury automaker has initiated bookings for the Macan Turbo, with deliveries scheduled to commence in the second half of the year. Under the hood, the Macan 4 boasts a maximum power output of 402 bhp and a peak torque of 650 Nm.

Tata Motors on Sunday announced price hike across models including Electric Vehicles (EVs) effective from February 1, 2024. The company is set to increase prices by 0.7 per cent (on average) across its passenger vehicles portfolio to partially offset the rise in input costs.

revamped GLA boasts a redesigned grille, refreshed bumper, and dynamic light signatures, contributing to a more contemporary look. Notably, body-colored materials now replace the plastic trim on the wheel arches.

Volkswagen Group's car sales in India grew around 8 per cent year-on-year to 145,713 units in 2023, the company said on Monday. Of this, domestic sales stood at 101,465 units, while 44,248 units were exported, it said in a statement. The company had sold 134,667 cars in the January-December period of 2022, and increased 8 per cent to 145,713 units in 2023.

BMW AG is spending €650 million ($712 million) to retool its parent factory in Munich into the company’s first site that will only make fully electric vehicles, part of a push to challenge leaders Tesla Inc. and BYD Co. The overhaul involves four buildings including a new assembly line and will be completed by the end of 2027, BMW said Wednesday.

By Qiaoyi Li and Brenda Goh

₹1 crore. In the future, we will launch more cars and also assemble them in India, which will enable us to offer them at more affordable prices," Dhillon said.

New Year 2024: As the year changes from 2023 to 2024, there are a few finance-related changes that will come into action from today, January 1, 2024.

recurrent bans on the movement of old petrol and diesel vehicles imposed by the local authorities to contain air pollution. Replacement demand for vehicles in the NCR has shot up by 30%, outpacing a 22% increase reported countrywide, they said. This has come along with a marked shift away from diesel to more environment-friendly options like CNG, electric and strong hybrid vehicles. The share of diesel in new car sales in the NCR declined to 5.8% this fiscal year from 7.5% in FY23 and 8.8% in FY22.