Audi Q1 2026 Sales Hit by Tough Market, Europe Offers Bright Spot

[Source: Audi]

Despite a turbulent global market to start 2026, Audi managed to hold its ground with a solid first-quarter performance. While overall deliveries slipped by just over six percent across Audi, Bentley, and Lamborghini models, the brand found momentum where it mattered, posting gains in Germany and across Europe even as worldwide demand softened. Electrification told a mixed story, fully electric models dipped slightly amid shifting subsidy policies, but plug-in hybrids surged dramatically, jumping around 160 percent year over year.

Financially, Audi remained stable. In the first three months of the year, revenue reached 14.2 billion euros, operating profit rose to 588 million euros, and net cash flow stood at 883 million euros.

Electrified Vehicles

Electrification is becoming a bigger part of Audi’s global strategy, with electrified vehicles making up 20 percent of deliveries in early 2026. However, all markets are not the same. “In a world where our customers’ expectations are increasingly diverse from region to region, it is clear the ‘world car’ business model is becoming less and less viable. Market-specific solutions and models are a necessity,” says Audi CEO Gernot Döllner. Audi is responding with a more region-specific approach, rolling out new models like the Q9 for North America and expanding EV offerings in Europe and China to better match local demand.

Audi’s global performance in early 2026 tells a story of sharp regional contrasts. Europe was a bright spot, with deliveries rising nearly 6 percent (and about 4 percent growth in Germany), helped by a strong surge in EV demand. China saw a 12 percent decline amid economic uncertainty and fierce competition, though EV deliveries there actually climbed. North America took the biggest hit, with deliveries down 27 percent due to tariffs and the loss of EV incentives.

Overview of Bentley, Lamborghini, and Ducati

The start of 2026 has proven challenging for the ultra-luxury segment, as global market shifts and economic pressures impacted the bottom lines of Bentley, Lamborghini, and Ducati. Bentley faced the steepest decline, with revenue dropping to €462 million (down from €661M in Q1 2025). The brand slipped into a negative operating margin of -5.6 percent, resulting in a €26 million loss. This downturn was fueled by lower sales volumes in China and the USA, combined with the heavy sting of US tariffs and internal restructuring costs.

While Lamborghini saw a slight revenue dip to €863 million (down from €895M), it remains the group’s powerhouse. Even with a lower operating profit of €200 million, it maintained a robust 23.1 percent operating margin, proving that demand for the Raging Bull remains high even in a tightening economy. Ducati felt the pressure of an increasingly aggressive motorcycle market. Revenue fell to €203 million, with operating profit nearly halving to €7 million. Its operating margin shrank to 3.5 percent.

Forecast for 2026

The Audi Group continues to expect revenue of between 63 and 68 billion euros for 2026. The operating margin is projected to range from 6 to 8 percent. Audi forecasts net cash flow of between 3 and 4 billion euros. The financial outlook for 2026 is based on the tariff situation as of end-April, while potential impacts from further escalation in the Middle East cannot currently be reliably assessed and are therefore not included.

Selected Audi Group key figures at a glance