Audi, Lamborghini Predict Recovery.
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07-22-2009 | 10:41 AM
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Audi, Lamborghini Predict Recovery.
Article from Bloomberg....
Audi, Lamborghini Predict Recovery as Drivers Return to Luxury
2009-07-22 06:00:01.0 GMT
By Andreas Cremer
July 22 (Bloomberg) -- Volkswagen AG’s Audi and Lamborghini
divisions anticipate higher sales next year, an indication that
luxury carmakers may start to overcome the worst slump since
World War II.
“Global markets will bottom out this year,” Audi Chief
Financial Officer Axel Strotbek said in an interview at the
carmaker’s headquarters in Ingolstadt, Germany. “By and large,
we expect a slight recovery in 2010.”
Audi reported higher sales last month for the first time
this year and forecasts a “slight increase” in 2010, driven by
new models such as the A5 Coupe, the A1 small car and the latest
A8 sedan, he said. Bayerische Motoren Werke AG and Daimler AG’s
Mercedes-Benz, the world’s top luxury-vehicle makers, had their
slowest sales declines in at least eight months in June.
In Germany, customers took advantage of a 2,500-euro
($3,550) trade-in subsidy which spurred Audi sales to a record
27,700 vehicles last month. The U.S. market may “firm up” in
2010 after bottoming out this year, the CFO said. Other regions
driving sales include Australia and India, the executive added.
Automobil Lamborghini SpA, the Italian maker of the
$200,000 Gallardo sports car and a part of VW’s nine-brand
structure, sees “some signs of a recovery,” especially in
China, Chief Executive Officer Stephan Winkelmann said in a
separate interview in Ingolstadt.
Audi boosted registrations 4.1 percent last year to a
record 1 million vehicles, the 13th consecutive increase. The
recession may cause sales to drop 10 percent to 900,000 cars and
sport-utility vehicles this year, Strotbek said, reiterating the
carmaker’s forecast. Audi aims to expand its lineup to 40 models
by 2015 from 32 as of mid-2009.
State Rebates
Government-funded rebates in countries including Germany,
France and Italy have propped up demand after the recession led
Europe’s auto market to shrink in 2008 by the most in 15 years.
Deliveries rose in June for the first time in 14 months, the
European Automobile Manufacturers’ Association said July 15.
The projected sales improvement from an economic recovery
and consumer incentives may be gradual, with smaller cars
benefiting more quickly than Lamborghinis and models at Audi’s
higher end, the executives said.
Lamborghini imposed working-hour restrictions for almost a
third of its 1,000 employees because of the market slowdown, CEO
Winkelmann said. “There’s no mercy for the luxury market.”
Audi “is on course” to achieve “significant positive”
earnings this year, Strotbek said, declining to be more
specific. The division is scheduled to publish second-quarter
results on July 31.
“Our sales are developing clearly better than the overall
market,” Strotbek said. As with Lamborghini, he cited growth in
China as a catalyst.
Audi posted record six-month sales in China in its 100-year
history, selling 67,000 vehicles between January and June, a 10
percent increase from a year earlier.
To contact the reporter on this story:
Andreas Cremer in Berlin at +49-30-70010-6216 or
acremer@bloomberg.net.
Audi, Lamborghini Predict Recovery as Drivers Return to Luxury
2009-07-22 06:00:01.0 GMT
By Andreas Cremer
July 22 (Bloomberg) -- Volkswagen AG’s Audi and Lamborghini
divisions anticipate higher sales next year, an indication that
luxury carmakers may start to overcome the worst slump since
World War II.
“Global markets will bottom out this year,” Audi Chief
Financial Officer Axel Strotbek said in an interview at the
carmaker’s headquarters in Ingolstadt, Germany. “By and large,
we expect a slight recovery in 2010.”
Audi reported higher sales last month for the first time
this year and forecasts a “slight increase” in 2010, driven by
new models such as the A5 Coupe, the A1 small car and the latest
A8 sedan, he said. Bayerische Motoren Werke AG and Daimler AG’s
Mercedes-Benz, the world’s top luxury-vehicle makers, had their
slowest sales declines in at least eight months in June.
In Germany, customers took advantage of a 2,500-euro
($3,550) trade-in subsidy which spurred Audi sales to a record
27,700 vehicles last month. The U.S. market may “firm up” in
2010 after bottoming out this year, the CFO said. Other regions
driving sales include Australia and India, the executive added.
Automobil Lamborghini SpA, the Italian maker of the
$200,000 Gallardo sports car and a part of VW’s nine-brand
structure, sees “some signs of a recovery,” especially in
China, Chief Executive Officer Stephan Winkelmann said in a
separate interview in Ingolstadt.
Audi boosted registrations 4.1 percent last year to a
record 1 million vehicles, the 13th consecutive increase. The
recession may cause sales to drop 10 percent to 900,000 cars and
sport-utility vehicles this year, Strotbek said, reiterating the
carmaker’s forecast. Audi aims to expand its lineup to 40 models
by 2015 from 32 as of mid-2009.
State Rebates
Government-funded rebates in countries including Germany,
France and Italy have propped up demand after the recession led
Europe’s auto market to shrink in 2008 by the most in 15 years.
Deliveries rose in June for the first time in 14 months, the
European Automobile Manufacturers’ Association said July 15.
The projected sales improvement from an economic recovery
and consumer incentives may be gradual, with smaller cars
benefiting more quickly than Lamborghinis and models at Audi’s
higher end, the executives said.
Lamborghini imposed working-hour restrictions for almost a
third of its 1,000 employees because of the market slowdown, CEO
Winkelmann said. “There’s no mercy for the luxury market.”
Audi “is on course” to achieve “significant positive”
earnings this year, Strotbek said, declining to be more
specific. The division is scheduled to publish second-quarter
results on July 31.
“Our sales are developing clearly better than the overall
market,” Strotbek said. As with Lamborghini, he cited growth in
China as a catalyst.
Audi posted record six-month sales in China in its 100-year
history, selling 67,000 vehicles between January and June, a 10
percent increase from a year earlier.
To contact the reporter on this story:
Andreas Cremer in Berlin at +49-30-70010-6216 or
acremer@bloomberg.net.
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