Seat recorded a record operating profit of €226 million in the first quarter, up 57% from the €144 million recorded in the same period last year, driven by volume growth and efficiency improvements.
In a statement, the company said Seat SA’s sales revenues reached €3.803 billion, also the best value recorded by the company in a first quarter and an increase of 6.8% from the previous year (€3.562 billion).
“We achieved our best results ever in the first quarter, which is very positive news, given the highly challenging external environment and competitive landscape in 2024”, said Wayne Griffiths, CEO of Seat and Cupra. “As Seat SA progresses on its transformation journey, we continue to work hard to achieve a stronger operating profit and return on sales. Our two brands, Seat and Cupra, remain strong and are increasing their deliveries, contributing to our goal of becoming an even more sustainable and profitable company”, continued Griffiths.
The improvement in Seat SA’s financial results in the first quarter was mainly driven by the steady growth in delivery volume. Between January and March, the company’s global deliveries increased by 10.6% with 138,600 vehicles delivered, compared to 125,200 between January and March 2023, thereby increasing the market share of both brands in Western Europe from 3.5% to 3.8% in the first quarter of 2024.
