Audi Cuts 2026 Outlook as Deliveries Fall 11.4%
Audi lowered its 2026 financial outlook after worldwide Audi-brand deliveries fell 11.4% through September, while the company reported sharply different trends inside its electrified lineup: plug-in-hybrid deliveries rose 103%, but battery-electric deliveries declined 12% globally.
The automaker disclosed the results on October 30. For January through September, Audi Group revenue fell to €42.06 billion from €48.38 billion a year earlier, a 13.1% decline. Operating profit dropped 26.0% to €1.15 billion, and the operating margin narrowed from 3.2% to 2.7%.
Those Audi Group figures cover the “Progressive” brand group, which includes Audi, Bentley, Lamborghini and Ducati. They should not be confused with the broader Volkswagen Group results reported separately. Chiefs Review previously detailed how Volkswagen Group’s operating profit was reduced by special items; Audi’s release reports its own brand-group performance.
Audi’s revised 2026 outlook
In its October 30 financial update, Audi cut its full-year guidance to revenue of €55 billion to €59 billion, an operating margin of 3% to 5%, and net cash flow of €2.5 billion to €3.5 billion.
| Metric | Jan.–Sept. 2026 | Jan.–Sept. 2025 | Change |
|---|---|---|---|
| Revenue | €42.063 billion | €48.380 billion | -13.1% |
| Operating profit | €1.150 billion | €1.555 billion | -26.0% |
| Operating margin | 2.7% | 3.2% | -0.5 percentage point |
| Net cash flow | €2.439 billion | €2.107 billion | +15.8% |
| Brand-group car deliveries | 1,056,103 | 1,191,141 | -11.3% |
Audi attributed the weaker performance to lower volumes in China and North America, growing competitive and pricing pressure, U.S. tariffs, higher energy costs and expenses connected with the transition to electric vehicles. The company said it is reducing costs and complexity while continuing to invest in software, artificial intelligence, driver-assistance systems and new products.
Plug-in hybrids rise as global EV deliveries fall
Audi-brand worldwide deliveries totaled 1,042,150 vehicles, down 11.4%. Battery-electric deliveries fell 12.0% to 143,748. The regional numbers were uneven: BEV deliveries increased 39.1% in Germany and 84.7% in China, but fell 87.8% in North America and 12.5% in Europe outside Germany.
At the same time, Audi said its plug-in-hybrid deliveries increased 103% worldwide. The release does not provide a corresponding unit total for PHEVs, so the percentage alone does not establish whether they offset the battery-electric decline in absolute volume.
Q9 and A2 e-tron launches remain on schedule
Audi is pairing its cost program with two near-term European launches. The company said the Q9, a new model at the top of its SUV range, follows in early November. The compact A2 e-tron, Audi’s first fully electric compact model, is scheduled to reach European dealerships in December after its September presentation.
Audi also said planned 2026 production of the RS 5 plug-in hybrid is already sold out and that European orders are nearly double its expectations. That is a company-reported order comparison, not an independently audited measure of consumer demand.
The immediate picture is therefore mixed rather than a simple retreat from electrification. Audi is seeing strong PHEV growth and regional BEV gains, but its global battery-electric total is lower, overall deliveries are down, and profitability has weakened. The Q9 and A2 e-tron launches will test whether a renewed product range can improve volume without adding further pressure to margins.
Featured image: Audi Q9 SUV in Waitomo Blue metallic in Utah; U.S.-specification model shown. Image No. A264904. Credit: AUDI AG. Used for editorial purposes under Audi’s stated media rights; source and rights information.