Seat S.A. has presented its 2024 financial results and future strategic objectives amid ongoing challenges in the automotive industry. Last year, according to International Financial Reporting Standards (IFRS), operating profit reached a record 633 million euros, which represents a 1.3% increase compared to 2023. Annual turnover grew to a record 14.53 billion euros, 1.4% more than the previous year. Return on sales remains stable at 4.4%. These results reinforce the company’s confidence in the strength of its strategy to meet present and future challenges.
“After a very intense year, we have posted the best financial results in our history. 2024’s record-breaking figures are the consequence of our efforts over the past 5 years to build a more profitable future for our company. However, it is clear that the triple challenge of BEV slowdown, increased competition from China, and an unstable tariff landscape is significant and demands more flexibility as we plan ahead,”said Wayne Griffiths, CEO of Seat and Cupra.
Strong results in a complex global market
Global Deliveries
Growth of 7.5% in 2024, with 558,100 vehicles sold, driven by Cupra and Seat’s continued success.
Turnover
Increased to a record 14.53 billion euros (up 1.4% compared to previous year).
Operating profit
An increase in vehicle sales, coupled with the strengthening of the business model, boosted operating profit to 633 million euros, a 1.3% rise from 2023.
Return on sales
Remains stable at 4.4%.
Gross cash flow
Reached 1.3 billion euros, a 3.6% increase from 2023, providing the company with the resources to make significant investments in its future.
“We have demonstrated our resilience and have reached all-time records in Turnover, Operating Result, Gross Cash Flow and in our Investment Activities. Despite navigating ongoing uncertainty in the industry, we have once again confirmed our profitability. These results give us the solidity to keep moving forward and face the challenges ahead,”said Patrik Mayer, Executive Vice-President for Finance and IT at Seat S.A.
Success built on four strategic key pillars
The record-breaking figures of 2024 are the result of a five-year journey driven by a clear strategy built on four key pillars:
Cupra Growth
Cupra has achieved remarkable success since its launch, disrupting the automotive industry with 800,000 cars sold worldwide and on track to reach a total of 1 million by the end of 2025. Following a record year of launches in 2024, the brand has brought 7 models to the market in 7 years and now has a full-fledged lineup. Its latest hero, the Cupra Raval, is set to make its World Premiere at the IAA in September 2025. CUPRA’s global presence also continues to grow, with new City Garages in Vienna and Manchester opening this year. Moreover, it has plans to enter the United States by 2030. Recently voted “Trendiest Brand” by almost 100,000 Auto Motor und Sport readers, Cupra now boasts a brand value approaching 2 billion euros according to Interbrand.
Strengthening the Business Model
Strategic restructuring has led to a 30% reduction in fixed costs, enhancing overall efficiency. Cupra has also played a key role in the company’s profitability, increasing the company’s turnover per car by 35% since 2019. The Seat brand is in great shape, with sales rising 7.5% in 2024 to reach 310,000 vehicles sold. Additionally, investments totaling 5.4 billion euros over the past five years have ensured the company’s competitive edge, positioning it for continued success and innovation in the future.
Electrification
Seat S.A. is turning Spain into a leading electromobility hub in Europe. Together with the Volkswagen Group, PowerCo and Future: Fast Forward partners, the company has invested 10 billion euros into the country’s electrification. A significant portion of this, 3 billion euros, has been allocated to electrifying its Martorell facilities. Line 1 is currently in preparation for production of the Volkswagen Group’s Electric Urban Car family – a project the company is leading on behalf of the Brand Group Core, which will help democratise electromobility in Spain and across Europe. The Cupra Raval and Volkswagen ID2 will roll off this production line in the first half of next year. The construction of a 300-million-euro battery assembly plant is also nearing completion, further supporting this transformation.
Organization and cultural transformation
Over the past 5 years, the company has become leaner, more agile, and fully aligned with its core values: “Inspire Boldness to Succeed as One.” This focus on efficiency and collaboration empowers the team to act decisively, driving innovation and success while maintaining a unified vision for the future.
Our clear commitment to Electrification
The transformation that Seat S.A. is undergoing at all levels is aligned with the company’s commitment to electrification. Although the slow progress of the electric vehicle market in Europe poses a threat to the automotive industry, the company remains positive:
“Electrification is not progressing at the pace needed but rather than seeing this as a problem, we need to see this as an opportunity: to transform our industry, to improve our competitiveness, and to drive our sustainable growth. Europe and Spain must have the courage and the faith to grasp this opportunity, because electrification is irreversible. Our commitment to electrification is clear. We now need to see the same level of commitment from leaders in Spain and across Europe. Together, we need to be flexible, listen to the consumer, understand where they are, and take them with us on this journey,”said Wayne Griffiths, CEO of Seat and Cupra.
Giving back to society: Launching the Seat CupraFoundation
This year, Seat S.A. celebrates its 75th anniversary. For over seven decades Seat S.A. has been a trusted employer across generations, providing jobs in its factories, supply chains, and dealer networks, while contributing to the development of Spanish society. As the company marks this significant milestone, it is opening a new chapter in its commitment to society with the launch of the Seat Cupra Foundation.
“75 years ago, we put Spain on wheels. Today, we stand as one of the most important companies in the country and the only automotive firm that designs, develops, and manufactures cars in Spain. Throughout our history, we’ve driven progress by creating jobs and supporting communities. Now, with the launch of the Seat Cupra Foundation, we are deepening our commitment to society, shaping a better future for generations to come,” said Wayne Griffiths, CEO of Seat and Cupra,
Patricia Such will assume leadership of the Seat Cupra Foundation alongside her current responsibilities. The Foundation will be dedicated to unlocking the potential of young people while fostering a more dynamic and equitable society. Built on three core pillars—Next Generation, Health, and Social Legacy—it will aim to drive meaningful impact. More details on its initiatives will be shared in the coming months.
“The very generation that has to build this future, is now the one that least believes in it. And we cannot allow this to happen. So, we have a huge responsibility: to help young people break free from anything that holds them back and ignite the power they have inside. The Foundation will open doors in art, films, sports and health. Supporting young researchers and bringing healthcare where it is needed most, creating new opportunities and leaving a lasting impact,” said Patricia Such, Director of Public Affairs and Corporate Operations at Seat S.A. & Director of Board of Trustees, Seat Cupra Foundation.
SOURCE: Seat
