Last year, Seat managed to recover the trajectory of record results prior to the covid pandemic and the war in Ukraine and obtained the best result in its history. The business of the subsidiary of the Volkswagen group was boosted by the success of the Cupra brand, whose vehicles generate more profit margin, and by the end of the semiconductor crisis, which slowed down production a year earlier.
Specifically, the company led by Wayne Griffiths obtained an operating result of 625 million euros, compared to 33 million in 2022, as reported by the same Volkswagen group in the annual presentation of results. Turnover reached 14,333 million, which represents a growth of 31%. Vehicle sales exceeded 600,000 units, 28% more than a year earlier. These sales figures include the A1 model, manufactured for Audi. Both Cupra and Seat registered more demand, with the Cupra Formentor and Seat Arona models being the most sold, with 125,000 units and 77,000 units, respectively.
The volume of vehicles delivered exceeded 519,000 units, 34.6% more. Specifically, the Cupra brand experienced a growth of 50%, up to 231,000 units, and Seat registered a growth of 24%, up to 288,000 cars.
Production stood at 533,000 vehicles, 27% more. The figure could have been even higher, because the automotive industry still suffered the consequences of the semiconductor crisis in the first months of the year, with part of the workforce affected by an ERTE. Seat registered an increase of 15%, up to 287,000 units, and Cupra production shot up 78%, up to 270,000 cars, thanks to the increase in the production of the Leon (200%), up to 60,000 units , and Formentor (18%), up to 125,000 units.
At the presentation of the results of Volkswagen, the CEO, Oliver Blume, commented that the construction of the battery plant in Sagunto (Camp de Morvedre) has already completed the excavation phase and that the works are progressing according to what was planned . The group plans to launch its first electric battery factory in Salzgitter (Germany) in 2025. With this factory, the one in Sagunto and another in St. Thomas (Canada), the group hopes to cover 50% of production needs by 2030.
On the scenario of the slowdown in electric car sales in Europe, Blume also indicated that the company wants to lower prices to be more accessible. The senior manager pointed out that they want to promote the electrification of vehicles over 25,000 euros in the brands Volkswagen, Skoda and Cupra.
Volkswagen earned 17,923 million (13%) last year. Sales increased by 15%, up to 322,300 million, and 9.24 million units were sold (10%).
