SEAT S.A. posts operating profit of 415 million euros in first nine months of 2024

• The company's operating profit decreased 17.2% compared to the first nine months of 2023 due to challenges facing the global automotive industry

• Sales revenue reaches 10.5 billion euros, down 3.0% compared to the same period in 2023, partly attributed to substantial investment in new CUPRA model launches

• CUPRA completes the best first nine months in its history with 179,100 cars delivered, up +5.3% compared to Jan-Sep 2023

• The SEAT brand remains on the path of growth with 242,900 deliveries, an increase of 9.6%

• Total deliveries of SEAT S.A. increased 7.7% to 422,100 units

• Following a year of new launches, SEAT S.A. is now leveraging its new, fully-fledged CUPRA portfolio

SEAT S.A. achieved an operating profit of 415 million euros between January and September 2024. These results were 17.2% lower than for the same period of the previous year (501 million euros), in a challenging economic environment affecting the global automotive industry. Furthermore, 2024 has been a pivotal year for the company, marked by substantial investment to support several major launches for the CUPRA brand's range of BEVs and PHEVs as the company drives forward its transformation toward electrification.

Due to a complex global environment marked by a growing competitive frameworks and mix effects, SEAT S.A.'s sales revenue reached 10.5 billion euros, which represents a fall of 3% compared to the first nine months of the previous year (10.8 billion euros), while operating return on sales fell by 0.7 percentage points to 3.9%.

'2024 has been a challenging year, in which we have made a significant investment in the CUPRA brand.' said Wayne Griffiths, CEO of SEAT and CUPRA. 'With the addition of the new CUPRA Born VZ, CUPRA Leon, CUPRA Formentor, and our new heroes—the CUPRA Tavascan and CUPRA Terramar— we now have a fully-fledged brand, demonstrating our commitment to providing customers with a diverse range of high-quality of BEVs and PHEVs. We have done the necessary work and have what it takes to lead the way in electromobility.' Griffiths continued.

Addressing the challenges in the transition to electromobility, Griffiths remarked 'our company is fully committed to electrification—there is no Plan B. We're undergoing the biggest transformation in our history, but we can't do it alone. The future of our industry is at stake, and urgent action is needed to accelerate EV adoption and secure our competitive edge. Strong support from government and industry organisations is essential, as investments, jobs, and the future of our sector depend on it.'

According to Patrik Mayer, Executive Vice President for Finance and IT at SEAT S.A, 'The external environment combined with mix effects and competitive landscape in 2024 present challenges. However, with a clear focus on our strategic priorities and two strong, resilient brands, we are committed to sustaining robust operating profits and returns on sales, driving us toward a more sustainable and profitable future.'

Delivery growth continues

In 2024, CUPRA continues breaking records and registered its best first nine months in history, with 179,100 cars delivered. This represents 5.3% more than the same period in 2023 (170,100 cars) helping the unconventional challenger brand to surpass the milestone of 750,000 vehicles sold since its creation in 2018.

The CUPRA Formentor remains SEAT S.A.'s best seller, with 85,800 units delivered so far in 2024, followed by the CUPRA Born, which registered 29,600 units delivered between January and September and consolidates the brand's commitment to electrification. CUPRA continues to grow in Europe with Germany as its undisputed best market with 59,200 cars delivered (+11.1%), followed by the UK with 22,900 (+22.5%) and Spain with 16,400 deliveries (+3.1%).

The steady growth of the SEAT brand has been an essential lever for the company. With 242,900 cars sold in the first nine months, the brand is on the verge of double-digit growth with 9.6% (Jan-Sep 2023: 221,700).

The SEAT Ibiza is celebrating its 40th Anniversary as the brand's best-selling model, with 82,300 cars delivered, followed by the SEAT Arona with 72,600 deliveries. Germany also holds the position as the main market for SEAT with 51,400 cars sold in the first 9 months of 2024.

Future Outlook

The outlook for the next year is expected to present significant challenges, with import duties on the CUPRA Tavascan likely to negatively impact business performance. In spite of the challenging environment, SEAT S.A. anticipates continued growth for both brands through late 2024 and into 2025. The company is now leveraging its fully-fledged CUPRA lineup to increase deliveries and in parallel, SEAT is set to sustain its positive momentum as the brand approaches its 75th anniversary in 2025.

SEAT S.A. is the only company that designs, develops, manufactures and markets cars in Spain. A member of the Volkswagen Group, the multinational has its headquarters in Martorell (Barcelona) and sells vehicles under the CUPRA and SEAT brands.

SEAT S.A. exports more than 80% of its vehicles and is present in more than 70 countries. The company employs over 14,000 professionals and has three production centres – Martorell, El Prat de Llobregat and Barcelona, where it manufactures the SEAT Ibiza, SEAT Arona, Leon family and the CUPRA Formentor. Additionally, SEAT S.A. produces the CUPRA Born in Germany, CUPRA Tavascan in China, CUPRA Terramar in Hungary and the Ateca family in the Czech Republic.

The company is playing a leading role in turning Spain into an EV hub in Europe. Through the Future: Fast Forward project, SEAT S.A., the Volkswagen Group, PowerCo and their partners are investing 10 billion euros into the electrification of the country.

Photo credit: SEAT
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