October 30, 2017 / 8:29 AM / a year ago

Audi expects new model costs to hit fourth quarter after third quarter profit rise

An Audi AICON is pictured during the opening of the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 11, 2017. REUTERS/Kai Pfaffenbach

BERLIN (Reuters) - Volkswagen’s luxury division Audi said growing costs for upcoming model launches will weigh on fourth-quarter earnings after third-quarter profit and revenue edged up thanks to growing auto sales.

“With this we are well prepared for a demanding fourth quarter in which advance payments for our forthcoming model offensive will become more strongly noticeable,” Audi said on Monday.

The carmaker said it continues to expect an operating return on sales of between 8 and 10 percent this year, forecasting model sales and revenue to slightly exceed year-earlier levels.

Reporting by Andreas Cremer; Editing by Maria Sheahan

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