SEAT S.A. has marked a significant milestone in its journey toward sustainable profitability, achieving its highest financial results ever in the first half of 2024. This remarkable performance is driven by the consistent volume increase and efficiency improvements of the CUPRA and SEAT brands.
Financial Overview
In the first half of 2024, SEAT S.A. posted an operating profit of 406 million euros, a 9.4% increase compared to the same period in 2023. The operating return on sales rose to 5.2%, reflecting a 0.2 percentage point increase. Sales revenue reached 7.8 billion euros, a 4.6% rise from the previous year’s 7.4 billion euros.
Wayne Griffiths, CEO of SEAT and CUPRA, highlighted the dedicated efforts that led to these results, stating, “Our dedicated work to advance our strong performance has driven us to our best-ever first-half year results, a remarkable milestone in the current context.”
CUPRA’s Stellar Performance
CUPRA has been a significant contributor to SEAT S.A.’s success, completing the best first half of the year in its history with 125,700 cars delivered, a 17.2% increase from 2023. This growth is propelled by the increasing popularity of models like the CUPRA Formentor and the CUPRA Leon family.
The CUPRA Formentor remains the top-selling model, with 61,700 units delivered in the first six months of 2024. The CUPRA Leon family also saw substantial growth, with 36,000 units delivered, marking a 59.8% increase since the first half of 2023. Germany, the United Kingdom, and Spain were the top markets for CUPRA, each showing significant growth in deliveries.
SEAT’s Consistent Growth
The SEAT brand maintained its momentum, delivering 171,700 vehicles in the first half of 2024, an 11.4% increase compared to the same period in 2023. The SEAT Ibiza, celebrating its 40th anniversary, led the brand’s sales with 56,300 units delivered, followed by the SEAT Arona with 50,400 deliveries.
Spain remained the primary market for SEAT, with 36,200 cars delivered, followed closely by Germany and the United Kingdom, both showing impressive growth in deliveries.
Electrification and Efficiency
SEAT S.A.’s commitment to electrification is evident in the significant growth of electrified vehicle sales, which reached 45,900 units in the first half of 2024, a 36.1% increase from the previous year. The success of the company’s plug-in hybrid electric vehicles (PHEVs) has been a key driver of this growth.
David Powels, Vice President for Finance and IT at SEAT S.A., emphasized the importance of strategic priorities in navigating the challenging external environment and competitor framework. “To reach our targets, we must have an even clearer focus on strategic priorities: managing revenue and improving efficiency,” he stated.
SEAT S.A.’s record-breaking financial performance in the first half of 2024 underscores the strength and resilience of the CUPRA and SEAT brands. As the company continues its journey toward electrification and sustainable profitability, the impressive growth in deliveries and efficiency improvements pave the way for a promising future. With the arrival of new models and a clear focus on strategic priorities, SEAT S.A. is well-positioned to navigate the challenges ahead and continue its upward trajectory.
