China remains Audi's biggest single market in 2021: annual report

Updated: March 21, 2022 Source: Belt and Road Portal
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An Audi electric SUV named "Audi concept Shanghai" is displayed at the 19th International Automobile Industry Exhibition (Auto Shanghai 2021) in Shanghai, east China, April 19, 2021. (Xinhua/Ding Ting)

German automaker Audi recently released its annual report, which indicates that China remains its biggest single market and its business in China has contributed 1.14 billion euros (about 1.26 billion U.S. dollars) in fiscal year 2021, reported Shanghai Securities News on March 18.

With the Sino-German auto joint venture FAW-Volkswagen Audi contributed to most of the sales in China in 2021, the Audi Group intends to carry on future cooperation with its Chinese partners China FAW Group Co., Ltd. and SAIC Motor Co., Ltd. to further expand the position of the Audi brand in the Chinese market.

Marking a milestone for the company's efforts in developing new energy vehicles (NEVs) in China, the Audi FAW NEV Company Ltd. was established in Changchun, northeast China's Jilin Province, where a manufacturing facility is also being built for all-electric Audi models based on the Premium Platform Electric (PPE) platform.

It is expected that China's first all-electric vehicle based on the PPE platform will start to roll off the assembly lines at the new factory by end of 2024. Audi plans to offer more than 10 fully electric models to the Chinese market by the year 2026.

In terms of building up charging infrastructure in China, Audi is collaborating with CAMS New Energy Technology Corporation Ltd., planning to expand the charging network by 2025 to more than 17,000 charging points nationwide.

According to the annual report, Audi Group's revenue in fiscal year 2021 reached around 53.068 billion euros, up 6.2 percent from the last year. Operating profit reached a record of 5.498 billion euros, with operating return on sales amounted to 10.4 percent.

Editor: Yang Yifan