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Audi turnover plunges as recession hits premium-car sales

Mohit Joshi 27 April 2009

Audi turnover plunges as recession hits premium-car sales Munich - Sales at Volkswagen Group's premium brand Audi plunged 8 per cent in the first quarter and operating earnings were off 30 per cent in annual terms, the company said in Munich. First-quarter sales totalled 6.7 billion euros (8.9 billion dollars) and the earnings were calculated at 363 million euros, after Audi had managed to end 2008 on an upbeat note, achieving sales of 1 million cars, up 4 per cent.

An announcement said Audi was expecting sales this year to be down by 10 per cent. Makers of small cars have been helped by government bonus schemes in Germany and other nations, but premium car sales have barely responded to the handouts.

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