TLDR

Bentley and Lamborghini delivered just 5,355 cars in Q1 2025 but generated €319 million of Audi Group’s €537 million operating profit — representing 60% of profits from 1.4% of volume. Lamborghini achieved 27.7% operating margins while Bentley’s profits collapsed 41% amid China’s luxury market decline.

A financial paradox has emerged from Volkswagen Group’s Q1 2025 results that defies conventional automotive economics. Two ultra-luxury brands with combined sales representing barely 1% of group volume have captured nearly two-thirds of operating profits, creating either extraordinary value or dangerous vulnerability.