Martorell, 13 March 2025 – SEAT S.A. has announced its 2024 financial results, showcasing record-breaking performance despite significant industry challenges. The company achieved an operating profit of €633 million, a 1.3% increase from 2023, with total turnover reaching an all-time high of €14.53 billion, marking a 1.4% rise compared to the previous year. Return on sales remained steady at 4.4%, reinforcing the company’s strategic direction amid market volatility.
Wayne Griffiths, CEO of SEAT and CUPRA, highlighted the company’s resilience: “After a very intense year, we have posted the best financial results in our history. These figures are the outcome of five years of transformation aimed at securing a more profitable and sustainable future. However, the challenges ahead—BEV market slowdown, rising competition from China, and an unstable tariff environment—demand even greater agility as we navigate the road ahead.”
Record Growth in a Challenging Market
SEAT S.A.’s success in 2024 was driven by strong global sales performance and a refined business strategy:
- Global Deliveries: Vehicle sales rose 7.5%, totaling 558,100 units, led by the continued success of CUPRA and SEAT models.
- Turnover: Increased to a record €14.53 billion, up 1.4% year-over-year.
- Operating Profit: Strengthened to €633 million, a 1.3% rise from 2023.
- Gross Cash Flow: Reached €1.3 billion, an improvement of 3.6%, providing substantial financial flexibility for future investments.
Patrik Mayer, Executive Vice-President for Finance and IT at SEAT S.A., emphasized: “Despite industry uncertainty, we have reached all-time records in turnover, operating result, and investment activity. These results confirm our profitability and position us for continued success.”
Four Key Pillars Driving Success
SEAT S.A.’s record performance is rooted in a long-term strategy focused on four critical pillars:
CUPRA’s Accelerated Growth
Since its inception, CUPRA has redefined performance and exclusivity in the automotive world. Having sold 800,000 cars globally, the brand is on course to reach 1 million units by 2025. In 2024 alone, CUPRA introduced multiple new models, expanding its lineup to seven vehicles.
Looking ahead, CUPRA will make headlines at the IAA in September 2025 with the world premiere of its highly anticipated CUPRA Raval. The brand’s global footprint is also expanding, with new City Garages opening in Vienna and Manchester. In a move to strengthen its global appeal, CUPRA is planning to enter the U.S. market by 2030. Additionally, the brand’s value has surged, now approaching €2 billion, as recognized by Interbrand.
Strengthening Business Efficiency
A strategic overhaul has enabled SEAT S.A. to reduce fixed costs by 30%, significantly boosting efficiency. CUPRA’s success has played a pivotal role in the company’s financial performance, increasing turnover per vehicle by 35% since 2019. Meanwhile, SEAT brand sales rose 7.5% in 2024, reaching 310,000 units sold. Over the past five years, €5.4 billion in investments have further reinforced the company’s competitive position.
Leading Electrification in Spain
SEAT S.A. is spearheading Spain’s transformation into a leading EV hub in Europe. Together with Volkswagen Group, PowerCo, and Future: Fast Forward partners, the company has invested €10 billion into Spain’s electrification. Key milestones include:
- €3 billion allocated to electrifying Martorell, where Line 1 is preparing to produce Volkswagen Group’s Electric Urban Car family.
- CUPRA Raval and Volkswagen ID.2 set to roll off Martorell’s production line in early 2026.
- A €300-million battery assembly plant nearing completion, reinforcing the company’s EV transition.
Griffiths reinforced the company’s commitment: “Electrification is not moving as fast as needed, but we must see this as an opportunity to enhance competitiveness and drive sustainable growth. Europe and Spain must seize this moment, as electrification is irreversible.”
Organisational and Cultural Transformation
SEAT S.A. has evolved into a leaner, more agile organisation with a strong focus on collaboration and efficiency. The company’s ethos, “Inspire Boldness to Succeed as One,” has enabled it to respond dynamically to shifting market conditions while driving continued innovation.
A Commitment Beyond Business: Launching the SEAT CUPRA Foundation
Marking its 75th anniversary, SEAT S.A. is reaffirming its commitment to social impact with the launch of the SEAT CUPRA Foundation. For over seven decades, the company has played a crucial role in Spain’s industrial and economic development. The new foundation will further expand its contribution to society, focusing on three key pillars:
- Next Generation: Unlocking potential in young people through education, arts, sports, and innovation.
- Health: Supporting healthcare initiatives and young researchers.
- Social Legacy: Creating long-term opportunities for communities.
Patricia Such, Director of Public Affairs and Corporate Operations at SEAT S.A. and Chair of the Foundation, stated: “The very generation that must build the future is now the one that least believes in it. We have a responsibility to help young people break barriers and realize their potential.”
More details on the foundation’s initiatives will be unveiled in the coming months.
Driving Forward as Spain’s Leading Automotive Manufacturer
As the only company that designs, develops, manufactures, and markets cars in Spain, SEAT S.A. plays a pivotal role in the European automotive landscape. Operating under the Volkswagen Group umbrella, the company exports over 80% of its vehicles to more than 70 countries and employs over 14,000 professionals. With production facilities in Martorell, El Prat de Llobregat, and Barcelona, SEAT S.A. continues to be a key driver of innovation and economic progress.
Looking ahead, SEAT S.A. remains committed to electrification, sustainability, and continued financial success, solidifying its position as a leader in the evolving global automotive industry.
