Seat posts record profit for 2024

Seat S.A., which stewards both the Seat and Cupra brands, has announced a record operating profit of $918 million (633 million euros) for 2024.

The figure represents a 1.3% increase compared to 2023, and comes as both annual turnover and global deliveries swelled to more than $21 billion (14.53 billion euros) and 558,100 vehicles sold respectively. The latter sum represents a 7.5% year-on-year growth.

The company has pointed to a few key pillars for its record success - with Cupra (recently reintroduced in Singapore) playing a central role in helping its growth.

Since branching out on its own as an independent performance marque, Cupra has sold 800,000 cars globally, and is currently on track to cross the 1,000,000 mark by end-2025. Cupra also currently has seven models on the market already, and will unveil the Raval - an all-new compact crossover - at Germany's biannual motor show in September.

Among the pillars as well is the group's recent strengthening of its business model, with strategic restructuring helping it achieve a 30% reduction in fixed costs. Simultaneously, Seat S.A. states that it has "become leaner, more agile and fully aligned" with its core values of 'Inspire Boldness to Succeed as One' over the last five years.

Looking ahead, the company has already invested $14.5 billion (10 billion euros) into Spain's electrification alongside the Volkswagen Group, PowerCo and Future: Fast Forward partners, of which a significant portion will be directed towards electrifying its Martorell facilities. Plans are already in place for the Cupra Raval to roll off one of its production lines alongside the entry-level Volkswagen ID.2 by H1 2026. A battery assembly plant, nearing completion, will also form an integral part of this transformation.