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Audi 2017 profit surges YOY

German automaker Audi AG saw its profit surge in 2017, but warned that the year ahead will be "challenging."

Profit after tax soared year over year to €3.48 billion in 2017 from €2.07 billion a year earlier.

Operating profit increased to €4.67 billion from €3.05 billion over the period, including additional provisions of €387 million related to a settlement on the V6 3.0 turbocharged direct injection diesel issue in North America.

Revenue crossed the 60 billion-mark for the first time, edging up 1.4% to €60.13 billion from €59.32 billion in 2016. Operating return on sales reached 7.8%, compared to 5.1% last year.

Deliveries of Audi cars rose 0.6% to an all-time high of 1,878,105 units from 1,867,738 vehicles, boosted by rising global demand for SUVs and continued Audi growth in the declining U.S. market. Audi, however, noted that its strategic alignment in China negatively impacted the first half of 2017.

The group has significantly broadened its electrification roadmap across the entire model portfolio, and is collaborating closely with Dr. Ing. h.c. F. Porsche AG, or simply Porsche AG, and Volkswagen AG.

It added that 2018 will be challenging amid several model launches and phase-outs, but its "model initiative" should have a "sustained positive impact" on deliveries and earnings from 2019 onwards.