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SEAT S.A. Achieves Record Financial Performance In First Half Of 2024
SEAT S.A. has achieved its highest financial results ever for the first half of 2024, driven by increased volumes and efficiency improvements. The company reported an operating profit of 406 million euros, a 9.4% rise from the same period in 2023. Sales revenue also grew to 7.8 billion euros, marking a 4.6% increase.
Wayne Griffiths, CEO of SEAT and CUPRA, stated, "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." He added that both brands are stronger than ever and continue to increase their deliveries as they move towards electrification with new models arriving this year.
CUPRA had its best first half-year ever, delivering 125,700 cars, which is a 17.2% increase compared to the same period in 2023. The brand's success was highlighted by an unprecedented 27,500 deliveries in June alone. Since its inception in 2018, CUPRA has delivered over 650,000 cars.
The CUPRA Formentor remained the top-selling model with 61,700 units delivered in the first six months of the year. The CUPRA Leon family followed with 36,000 units delivered, showing a significant increase of 59.8% from H1 2023. New versions of these models are expected to further strengthen the brand's position in Europe.
The SEAT brand also maintained its double-digit growth with 171,700 vehicles delivered between January and June, up by 11.4% compared to the same period last year. The SEAT Ibiza led sales with 56,300 units delivered (+29%), followed by the SEAT Arona with 50,400 deliveries.
Spain remained SEAT’s primary market with 36,200 cars delivered (+2%), followed closely by Germany (35,200; +26%) and the United Kingdom (21,300; +34%). The iconic SEAT Ibiza celebrated its 40th anniversary this year.
Overall Delivery Growth
Total deliveries for SEAT S.A. increased by 13.8%, reaching 297,400 units between January and June compared to the same period in 2023 (261,400). Electrified vehicle sales saw a significant rise to 45,900 units (+36.1%), driven by the growing popularity of PHEV vehicles.
David Powels, Vice President for Finance and IT at SEAT S.A., commented on the company's path to sustainable profitability: "SEAT S.A.’s path to sustainable profitability continues with the best operating profit, sales revenue and return on sales registered for a first-half year in the company’s history." He noted that despite external challenges ahead, focusing on strategic priorities like managing revenue and improving efficiency is crucial.
Company Overview
SEAT S.A., part of the Volkswagen Group and headquartered in Martorell (Barcelona), designs and manufactures cars under the CUPRA and SEAT brands. The company exports over 80% of its vehicles to more than 70 countries and employs over 14,000 professionals across three production centres: Martorell, El Prat de Llobregat and Barcelona.
The company is heavily investing in Spain's electrification through the Future: Fast Forward project alongside Volkswagen Group and PowerCo partners. This initiative aims to turn Spain into an EV hub in Europe with an investment of 10 billion euros.
The company's commitment to sustainability is evident as it continues to push forward with electrification efforts while maintaining strong financial performance amidst challenging market conditions.
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