AUTONEWS
Seat announced today that it closed 2024 with profits of 522 million euros, a drop of 4.7% compared to 2023, despite record revenues.
Speaking at its facilities in Martorell, Catalonia, Seat's vice-president responsible for finance, Patrik Mayer, said that the company's pre-tax revenues rose 4% in the year to €647 million, following an operating result of €633 million (+1%).
However, after applying the accounting formula required by Spanish regulators, the company, which sells the Seat and Cupra brands, profit in 2024 was 522 million euros, compared to 548 million euros in 2023. In the year to date, Seat's revenues reached 14.5 billion euros, up 197 million euros (or 1%) compared to 2023, resulting from the sale of cars, components and services.
The European Union, the United Kingdom and Switzerland accounted for 75% of revenue, followed by Spain (15%). The rest of the world accounted for 10% of Seat's revenue in 2024. Last year, Seat sold 612,000 cars, 5% more than in 2023. Of these, 47% had the Seat flag and 42% the Cupra shield.
Internal combustion engines continue to represent the vast majority of those sold, at 83%, with 17% of sales being electrified vehicles.
At the presentation, Seat CEO Wayne Griffiths reaffirmed the brands' intention to enter the US market, despite tariff threats from President Donald Trump's administration.
"We are absolutely convinced that entering the US is the right step for Cupra, but also to help the group in the US," Griffiths said, referring to the 4% market share of parent company Volkswagen Group.
Seat belongs to the Volkswagen Group, which also includes brands such as Skoda or Audi.
SEAT and CUPRA models...2024 was particularly challenging for the automotive industry, especially for the Volkswagen Group brands. However, SEAT S.A. — which includes the SEAT and CUPRA brands — managed to remain stable.
During the results presentation, Patrik Mayer, the company's CFO, revealed that the Spanish construction company recorded an operating profit of 633 million euros, a growth of 1.3% compared to 2023 and a record in the company's history.
The operating margin, on the other hand, was 4.4%, a lower value than that of other Volkswagen Group brands. SEAT S.A.'s revenue grew slightly, 1.4%, totaling R$14.5 billion.
Despite modest financial growth, SEAT S.A. was one of the brands that grew the most in terms of sales within the Volkswagen Group. In 2024, 558,100 units were sold, an increase of 7.5% compared to the previous year.
When it comes to electrification, the numbers have also grown. Last year, the company sold 48,000 electric vehicles and 49,400 plug-in hybrids, registering growth of 9% and 14%, respectively.
However, this pace is still insufficient to meet the European Union's emissions targets, which require 25% of sales in Europe to be electric vehicles. Currently, this share is at 13%.
Despite all the challenges inherent in electrification, CEO Wayne Griffiths said the company will not back down. “Electrification is irreversible, it will happen and it is coming. Electrification is the goal,” he said.
“Electrification is not progressing at the pace that it needs to, but rather than seeing this as a problem, we should see it as an opportunity to transform our industry,” said Wayne Griffiths, CEO of SEAT S.A.
By 2025, SEAT S.A. has several new developments planned, such as the presentation of the CUPRA Raval at the Munich Motor Show in September. The new model should hit the market in the first half of next year.
Also in 2025, the company intends to launch updated versions of the SEAT Ibiza and Arona, with improvements in terms of design and technology.
In addition to all this news, Griffiths confirmed his intention to enter the North American market. However, this expansion may still take some time, and it is uncertain whether it will advance in this decade.
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