Seat's profit plummets in the first quarter
Tariffs on the Cupra Tavascan, which is manufactured in China, are impacting the company's results.
BarcelonaSeat closed the first quarter of the year with an operating profit of €5 million, which is 97.7% less than the same period in 2024, when it was €226 million, a drop that the group attributes to several causes. According to the Volkswagen Group's accounts, published this Wednesday, the Martorell company, which includes the Seat and Cupra brands, increased its revenue by 2.4%, to €3.895 billion, although sales fell by 3.65%, to 158,000 A vehicles, including Llobregat.
The report highlights the increased demand for models such as the Seat León and the Cupra Born, and the good performance of the Cupra Terramar and the electric Cupra Tavascan. Seat is currently at a standstill, given that at the end of March Wayne Griffiths made the surprise announcement that he was leaving the management of Seat. and Markus Haupt has since taken over as interim director.
Seat is currently awaiting the European tariffs imposed on the Cupra Tavascan, the electric vehicle the company produces in China, and the effects of this decision on production at the Martorell plant. These EU import tariffs on the Cupra Tavascan currently total 30.7%, of which 10% was previously planned and 20.7% has been imposed additionally. In its 2024 results presentation, Seat already warned that the tariffs had penalized its profitability.
Volkswagen's profits fall
The Volkswagen Group, for its part, recorded net attributable profit of €1.831 billion in the first quarter, down 43.4% compared to the same months in 2024, due to one-off items and poorer results in China. The group—which includes brands such as Volkswagen, Skoda, Seat, Cupra, Porsche, and Audi—reduced its operating profit by 37% in the first quarter, to almost €2.9 billion, due to one-off items of €1.1 billion.
This amount is primarily due to provisions of €600 million related to CO2 emissions regulations.2 in Europe and €200 million for restructuring at its software subsidiary, Cariad. In addition, the group has set aside another €300 million for adjustments to reserves related to emissions manipulation in diesel-powered vehicles, as well as for expenses related to potential vehicle value adjustments in transportation due to the tariffs imposed by the US in early April. Revenue increased by 2.8% between January and March, to €77.558 billion.