Record year for Seat with more sales than ever

MartorellSeat closed 2024 as its best year ever, with "solid sales and record financial results," Seat and Cupra president Wayne Griffiths explained this Thursday. The results, according to Griffiths, are not flash in the pan, but rather the result of five years of work in which the Cupra brand "has been the engine of profitability and success."

The company's vice president of finance and technology, Patrik Mayer, framed these record figures in a year he described as "one of resilience," especially the second half, during which threats loomed over the company. Seat closed with an operating profit of €633 million, 1% more than the previous year. However, net profit stood at €522 million, 4.7% less than the previous year, due to the lower application of tax credits, offsetting losses from previous years.

The company sold 612,000 vehicles, with 17% of them electrified, leading to a record turnover of €14.53 billion, 1.4% more than the previous year. The Cupra brand, created in 2018, already contributed 48% of sales. Of this turnover, 90% came from Europe (15% in Spain) and the other 10% from the rest of the world. Therefore, the company maintains its goal of becoming global and entering the United States market before the end of this decade, despite the threat of the trade war launched by Donald Trump. In this regard, Wayne Griffiths noted that potential tariffs change daily and that, in any case, Cupra's entry into this market will be through a manufacturer in the region.

"This is a crucial moment for the automotive sector, immersed in its most profound transformation," Mayer emphasized. This transformation has already had a cost for the company, particularly due to the impact of tariffs on electric cars manufactured in China, which affects the Cupra Tavascan. Griffiths stated that Brussels has been informed of this problem and has seen that "there is a willingness to find a solution," although he acknowledged that, for now, none has been found. "This has a significant financial impact and we cannot continue like this," he warned.

The president of Seat and Cupra also called on Europe to show courage in addressing electrification, after the European Commission relaxed its average emissions requirements for manufacturers. "For us, [electrification] is not another goal, it is the goal. We have done our homework," he emphasized, and demanded "the same level of commitment from the leaders of Spain and Europe." "We all have a responsibility to lead this country and that continent into the future," said Griffiths, who openly called for direct tax aid for the purchase of electric cars: "We need clear and convincing incentives."

He also called for improved charging infrastructure and information campaigns. Regarding electric cars, he said: "If Europe is slow, Spain is worse," with only a 5 percent market share for electric cars. The executive reiterated his warning, pointing out that the automotive sector is losing ground in Spain's GDP, despite the fact that the country is "the second-largest car producer in Europe and the ninth-largest in the world."