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Audi's race to catch up with German rival BMW is taking its toll on its profit margin.

Audi's operating margin slipped to 9.7 percent from 10.1 percent a year earlier, the carmaker said in a statement today, while reaffirming its 8 percent to 10 percent target range.

"Despite ongoing high investment, we are systematically pursuing our ambitious profitability targets," finance chief Axel Strotbek said in the statement.

Audi said that its first-quarter operating profit rose 8.2 percent to 1.42 billion euros ($1.58 billion), fuelled by growing demand for the A6 sedan and Q3 SUV.



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Audi's Race With BMW To Be Number One, Begins To Eat Away At Profits

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