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SEAT announces electric strategy and record-breaking business performance

SEAT announced its highest-ever annual profit after tax of close to €300 million euros and turnover of nearly 10 billion euros, the highest in history at its annual media conference.

The event, held at SEAT’s corporate headquarters in Martorell, Spain on Thursday 27 March, was also used to reveal the brand’s intention to launch six electric and plug-in hybrid models before the end of 2021 and its own electric vehicle platform.

The electric version of the Mii and el-Born will be the brand’s first two fully electric models, while the new generation Leon and the Tarraco will feature a plug-in hybrid version. In further news, the CUPRA Leon and the CUPRA Formentor will also have a plug-in hybrid variant.

SEAT Annual Media Conference 2019

CUPRA Formentor

SEAT President Luca de Meo also announced that the CUPRA Formentor, the new crossover utility vehicle, that was unveiled at the Geneva Motor Show, will be built at the Martorell factory.

For the first time in the history of the company, SEAT will develop a new vehicle platform in collaboration with the Volkswagen brand, a smaller version of the Modular Electric Drive Toolkit (MEB) on which vehicles of the size of around four metres in length by different brand. The new platform will be the basis of affordable electric vehicles, with an entry level price below €20,000.

De Meo said: “SEAT now has a clearer role in the Volkswagen Group, and thanks to our business results, has earned the new electric vehicle platform. The SEAT Technical Centre will develop a platform that may be used by more brands around the globe.”

SEAT CEO Luca de Meo

2018, the best year in the history of SEAT

In 2018 SEAT obtained the best results in its history. Profit after tax went up to €294 million, 4.6 per cent more than the previous year (€281m). Moreover, operating profit grew by 93.2 per cent to stand at €223 million (2017: €116m) and turnover amounted to €9.991 billion, which is 4.6 per cent higher than the 2017 result (€9.552m). All amounts set new records. In the past five years, SEAT’s turnover has grown by 33 per cent.

In addition, deliveries increased to the highest level in SEAT’s nearly seven decades of existence, and the figure of 517,600 vehicles sold (10.5 per cent more than in 2017), made SEAT the fastest growing brand in Europe last year. In its first year as an independent brand, CUPRA was instrumental in increasing the company’s bottom line after sales went up by 40 per cent to 14,400 units.

The sound progress of the business enabled SEAT to accelerate its investment programme. In 2018 alone, the company allocated €1,223 million, 27.1 per cent more (2017: €962m) to investments and research and development expenses, the highest figure in its history.