Audi sticking to EV strategy despite headwinds, says CEO

© Reuters. A worker cleans an Audi Q8 55 e-tron quattro EV car, on the day of the annual news conference of the Volkswagen Group at DRIVE.Volkswagen Group Forum, in Berlin, Germany March 14, 2023. REUTERS/Annegret Hilse/File Photo

INGOLSTADT (Reuters) – Audi Chief Executive Gernot Doellner said on Tuesday that the Volkswagen (ETR:) subsidiary was sticking to its electric vehicle strategy despite facing strong headwinds this year.

Audi remains committed to bringing the last vehicle with a combustion engine onto the market in 2026, he said, with the dates set even if the details of how it’s done are flexible.

The company said that it expects a decline in sales and profits for the year as general conditions are very challenging.

Chief Financial Officer Juergen Rittersberger spoke of a “transitional year”: 2024 will be even more demanding than 2023.

Rittersberger said Audi had launched an austerity program to achieve its long-term profit margin goal, including improvements in sales and lower product costs, but did not give any details.