German automaker Audi recently released its annual report, which indicates that China remains its biggest single market.
It said its business in China had contributed 1.14 billion Euros (about 1.26 billion U.S. dollars) in fiscal year 2021, as reported by the Shanghai Securities News on Friday.
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.
The location is 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 would start to roll off the assembly lines at the new factory by end of 2024.
Audi plans to offer more than ten 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 about 53.068 billion Euros, up by 6.2 per cent from 2021 operating profit.
It reached a record of 5.498 billion Euros, with operating return on sales amounting to 10.4 per cent.