Audi cutting €10b in costs to ‘go electric’

Audi aims to cut costs by €10 billion (RM51.36 billion) by 2022 to help fund a shift to electric cars as it seeks to move on after the emissions scandal. Audi, Volkswagen AG’s main profit driver, plans to bring five new electric models to the market in the coming years. Despite run-up costs for its electric car programme, the carmaker wanted to keep its operating profit margin at eight per cent a year at least, said two sources. Its profit margin in the first half of this year was 8.9 per cent.