Martorell, 31/10/2024 – SEAT S.A. posted a resilient performance in the first nine months of 2024, achieving an operating profit of €415 million despite a challenging global economic environment impacting the automotive industry. The results mark a 17.2% year-over-year decline, down from €501 million in 2023, amid SEAT’s strategic investments in CUPRA’s electrification portfolio. Sales revenue dipped slightly to €10.5 billion, representing a 3% decrease compared to last year, and operating return on sales settled at 3.9%, a 0.7 percentage point decrease from the same period in 2023.
This year has been pivotal for SEAT, driven by investments in the CUPRA brand’s expansion into battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), essential steps as SEAT S.A. steers toward a fully electrified future. Wayne Griffiths, CEO of SEAT and CUPRA, affirmed this commitment, stating, “We now have a fully-fledged CUPRA brand with models like the CUPRA Born VZ, CUPRA Leon, CUPRA Formentor, and our latest additions, the CUPRA Tavascan and CUPRA Terramar. These vehicles reflect our commitment to electrification and readiness to lead in the next era of mobility.”
CUPRA’s Best Nine-Month Performance, SEAT Brand Momentum
Despite global challenges, SEAT S.A. recorded a total of 422,100 vehicle deliveries from January through September, reflecting a robust 7.7% growth over the same period last year (391,800 units). CUPRA marked its best nine-month period to date, delivering 179,100 vehicles, a 5.3% rise over 2023’s January-to-September figures. Additionally, the brand has surpassed 750,000 cumulative vehicle sales since its inception in 2018, a significant milestone for the ambitious brand.
Among CUPRA’s models, the Formentor continues to shine as SEAT S.A.’s top-seller with 85,800 units sold, followed by the CUPRA Born with 29,600 units delivered, underscoring CUPRA’s emphasis on electrification. The brand is also seeing rapid market expansion across Europe, with Germany leading with 59,200 units (+11.1%), the UK with 22,900 (+22.5%), and Spain with 16,400 (+3.1%).
The SEAT brand has been equally pivotal in bolstering SEAT S.A.’s growth, reaching 242,900 deliveries, a 9.6% increase from last year’s 221,700 units for the same period. Germany remains the primary market for SEAT, with 51,400 units delivered. Celebrating 40 years on the market, the SEAT Ibiza remains the brand’s top performer with 82,300 units sold, followed by the SEAT Arona with 72,600 deliveries in 2024, testifying to SEAT’s enduring appeal.
A Call for Industry Collaboration in Electromobility
Looking to the future, Griffiths emphasized the urgent need for industry-wide support as SEAT accelerates its electrification journey: “Our company is fully committed to electrification—there is no Plan B. The future of our industry hinges on accelerated EV adoption and strong government and industry backing. Our investments, jobs, and the sector’s future depend on a cohesive effort.” Griffiths’ message underscores the complex landscape automakers face as they transition toward sustainability amid intensifying global competition.
Patrik Mayer, SEAT S.A.’s Executive Vice President for Finance and IT, highlighted the importance of resilience amid external pressures, stating, “The external environment combined with market mix effects and competitive pressures make 2024 a challenging year. Yet, with two strong brands, we are well-positioned to ensure robust profitability and focus on sustainable growth.”
CUPRA’s New Launches Bolster Brand Transformation
2024 saw SEAT S.A. fortify CUPRA’s lineup, positioning the brand to capture a growing share of the BEV and PHEV market. The CUPRA Born VZ, CUPRA Leon, CUPRA Formentor, and newly launched CUPRA Tavascan and Terramar reflect SEAT’s strategy to provide diverse, high-quality electrified options to meet market demand. The CUPRA Formentor, in particular, continues to embody the brand’s high-performance image, merging stylish design with cutting-edge technology.
Paving the Way to a Sustainable, Profitable Future
With its strategic approach to electrification and a resilient performance amid challenging conditions, SEAT S.A. is positioning itself for continued growth. As 2024 progresses, SEAT remains focused on strengthening its portfolio and fostering a future-proof, sustainable business model through continued electrification and industry collaboration.
The path forward for SEAT and CUPRA hinges on agility and innovation, ensuring that the brands remain competitive in a rapidly transforming automotive landscape.
