The Competition: Audi on track to replace BMW as the world’s largest maker of luxury cars

Audi tripled its first-quarter profit, meaning that it had kept its goal of getting higher sales and earnings this year. Volkswagen AG said that the division’s operating profit increased by 32% to 478 million euros ($632 million) in the first quarter.

In a statement, Audi revealed that sales rose by 23% to 8.3 billion euros. Audi Chief Financial Officer Axel Strotbek said that first-quarter results provide a “sound basis” for its goal to surpass last year’s sales and operating-profit levels. Audi aims to replace BMW AG as the world’s largest maker of luxury cars by 2015. Audi CEO Rupert Stadler had talked about a goal on March 9 of restoring deliveries this year to 1 million cars and SUVs, a 5.3% increase from 2009. BMW is aiming for a “single-digit percentage” sales gain while Daimler AG’s Mercedes-Benz division, the No. 2 luxury-car manufacturer, aims to outpace auto-market growth of 4%. As part of its goal to increase its lineup to 42 vehicles by 2015, the VW unit aims to introduce a dozen new models this year.

Source - http://www.4wheelsnews.com/audi-on-t...f-luxury-cars/