2024 was the best financial year in the history of Škoda Auto Group. It achieved a record sales revenue of €27.8 bn (+4.7%) and an operating profit of €2.3 bn (+30.0%). Net cash flow more than doubled, exceeding €2 bn (+116.2%), and return on sales further increased to 8.3%, reflecting the excellent overall financial performance and resilience of the company. These strong results are allowing the company to navigate the upcoming challenges of the intensified transformation from a position of strength. The further improved financial figures are primarily driven by higher sales, favourable mix effects, and beneficial exchange rates, alongside the consistent implementation of the Next Level Efficiency+ programme, with a strong focus on optimising costs. Škoda Auto delivered 926,600 vehicles to customers worldwide last year (+6.9%), with the Octavia remaining the brand’s bestseller (215,700 vehicles; +12.4%). Škoda recorded a sharp increase in deliveries across its main sales region Europe, where it outpaced the overall market and ranked as the fourth best-selling carmaker (2023: 7th position). Looking ahead, the company is well-positioned, offering its youngest and most comprehensive product portfolio to date comprising all drive types, with the all-electric compact SUV Elroq and the recently presented new Enyaq. Furthermore, Škoda is pressing ahead with its internationalisation efforts: At the newly built plant in Vietnam, assembly operations are set to begin in the upcoming weeks, while the all-new Kylaq urban SUV, developed in India for India, will support the brand’s sales target of 100,000 units by 2026 in its important growth market. A first glimpse of Škoda’s all-electric family SUV, based on the show car Vision 7S, was revealed in today’s video review of 2024.
“I am proud to lead one of the few automotive companies that can report record financial figures during this transformative era. 2024 was the most financially successful year in our history, highlighting two of our core strengths: resilience and adaptability. A robust business model and clearly defined roadmap are proving their worth in volatile times. Our operational efficiency and the strong reception by customers of our modern product lineup have enabled us to outperform the market, particularly in Europe, where we secured the 4th overall position. These achievements are fundamental to keeping our company on track, even as we face upcoming challenges and financial pressures. They also empower us to continue making necessary investments from our own resources. I am deeply grateful to all Škodians for the extraordinary joint effort that consistently drives our brand forward, to our dealer partners for their incredible dedication, and not least to our customers for their trust in the most modern and diverse product portfolio in Škoda’s history. Together, we are shaping a bright future for our company.”
Klaus Zellmer, Škoda Auto CEO
“In 2024, we achieved records in both revenue and net cash flow and accomplished our profitability target. This demonstrates that we are implementing the right measures to ensure financial flexibility across our operations and throughout the ongoing transformation of our industry. Our financial consistency and stability, along with investments in products, digitalisation, and the further optimisation of our production processes, will help strengthen Škoda Auto’s position for years to come. The Next Level Efficiency+ programme proves that we are tackling current challenges while preparing for future ones, including stricter emissions levels. In 2024, we also made significant progress in digitalisation – AI is now assisting Škoda in increasing efficiency and further improving customer centricity.”
Holger Peters, Board Member for Finance, IT and Legal Affairs
“With 926,600 vehicles delivered worldwide, we surpassed last year’s figures by a large margin and secured a record market share of 5,9% in Europe. In Germany, France, Spain, Italy, and the UK, we achieved our highest-ever market shares. This would not have been possible without the trust of our international and, in particular, fleet customers. Last year, we introduced many new models with a wide range of powertrains, including state-of-the-art plug-in hybrids. With the all-new Elroq and the new Enyaq, we are continuing our journey towards emission-free mobility. We also enhanced the customer experience by improving the MyŠkoda app, leading to higher ratings in digital stores. In addition, we integrated Powerpass – our charging service with over 630,000 charging points – directly into the app. Customer-centricity will remain at the heart of our daily business.”
Martin Jahn, Board Member for Sales and Marketing
Best financial year in Škoda Auto Group’s history
The Czech carmaker has delivered strong financial results in a challenging environment, achieving record sales revenue of €27.8 bn in 2024 (2023: €26.5 bn; +4.7%). A robust operating profit of €2.3 bn (2023: €1.8 bn; +30.0%) translated into a further increase in return on sales to 8.3% (2023: 6.7%), while net cash flow more than doubled, exceeding €2 bn (2023: €0.938 bn; +116.2%). The company’s improved financial performance was primarily driven by higher sales, positive mix effects and favourable exchange rate effects, alongside the consistent implementation of the Next Level Efficiency+ programme, with a strong focus on optimising costs. This success provides Škoda Auto with a solid foundation to navigate the challenges of the transformation period and enables the necessary investments to secure the company’s long-term competitiveness.
Škoda Auto’s well-balanced approach – offering a broad choice of powertrains and body styles – continues to resonate strongly with customers. The brand maintained its positive momentum in 2024, increasing deliveries to 926,600 vehicles (+6.9% YoY), despite a highly dynamic market environment. Škoda was particularly successful in Europe, where it secured fourth place among the region’s best-selling car brands for the first time in its history. The company’s largest markets remained Germany, the Czech Republic, and the United Kingdom, while significant absolute increases were recorded in Türkiye, Poland, and Spain.
Škoda Auto launched a record number of new and updated models in 2024. Alongside the refreshed Scala, Kamiq, and Octavia, the company introduced the new Kodiaq and Superb, both featuring enhanced plug-in hybrid powertrains. In addition, Škoda unveiled the all-new Kylaq, developed in India specifically for the Indian market – the company’s first sub-four-metre SUV designed for this highly dynamic segment. Another key highlight of the year was the world premiere of the Elroq, marking an important milestone in Škoda’s electrification journey.
Škoda Auto Group1) – Comparison of key figures, January to December 20242)
| 2024 | 2023 | change (%) | ||
| Deliveries to customers | cars | 926,600 | 866,800 | +6.9 |
| Production3) | cars | 1,027,300 | 1,006,800 | +2.0 |
| Sales4) | cars | 1,090,000 | 1,056,000 | +3.2 |
| Sales revenue | € million | 27,787 | 26,536 | +4.7 |
| Operating profit | € million | 2,305 | 1,773 | +30.0 |
| Return on Sales | % | 8.3 | 6.7 | – |
| Investments | € million | 1,825 | 1,913 | -4.6 |
| Net cash flow | € million | 2,028 | 938 | +116.2 |
1) Škoda Auto Group comprises Škoda Auto a.s, Škoda Auto Slovensko s.r.o., Škoda Auto Deutschland GmbH, Škoda Auto Volkswagen India Pvt. Ltd. and until May 2023, the Group also included OOO Volkswagen Group Rus, the financial results of which are included until then.
2) Percentage deviations are calculated from non-rounded figures.
3) Comprises production in the Škoda Auto Group, excluding production at partner assembly plants in China, Slovakia and Germany, but including other Group brands such as Seat, VW and Audi; vehicle production excluding part/complete kits.
4) Comprises Škoda Auto Group sales to distribution companies, including other Group brands including Seat, VW, Audi, Porsche and Lamborghini.
Fleet electrification continues
For 130 years, Škoda Auto has continuously evolved and reinvented itself, always with a strong focus on its customers. Now, the company is further accelerating the electrification of its fleet, aiming to make e-mobility accessible to even more customers.
The Enyaq family ranked as the third best-selling battery-electric vehicle in Europe last year, with 79,500 units delivered despite intensifying competition and a broader industry slowdown in demand for fully electric vehicles. The recently unveiled new Enyaq is set to build on these successes.
With the launch of the new Elroq, Škoda’s latest electric model, the company is doubling its all-electric sales ambitions for 2025. Entering multiple European markets, the Elroq is positioned as the most affordable electric model in the crucial compact SUV segment – taking its battery size and extensive standard equipment into account. In many markets, the Elroq also offers list price parity with its ICE counterpart, the Karoq. With more than 35,000 Elroq orders placed by the beginning of March, Škoda once again demonstrates that an established European car manufacturer can compete successfully in e-mobility against new challengers.
Looking ahead, Škoda is planning additional all-electric models, including the Epiq, a city-friendly crossover, and a large electric family SUV based on the Vision 7S concept. The company offered a first glimpse of the latter in today’s 2024 video review.
Driving internationalisation forward
India remains a key pillar of Škoda Auto’s internationalisation strategy and a future export hub. In 2024, the company expanded its line-up with the launch of the Kylaq, its third locally developed and produced model, following the Kushaq and Slavia. Entering the highly competitive sub-four-metre segment, which accounts for nearly 50% of car sales in India, the Kylaq is set to play a crucial role in Škoda’s ambition to sell 100,000 vehicles in the Indian market by 2026. Further strengthening its presence, Škoda also began locally assembling the modernised Kodiaq in February.
In Vietnam, the brand’s strategic gateway to the broader ASEAN region, preparations are underway to begin vehicle assembly at the newly constructed plant in Quang Ninh province. Production will initially focus on the Kushaq, with the Slavia to follow, leveraging synergies with Škoda’s manufacturing network in India through imported CKD (Completely Knocked Down) kits.
Škoda’s international expansion is also gaining momentum in other regions. In Kazakhstan, the company successfully re-entered the market, delivering over 1,400 vehicles to customers last year.
Advancing digitalisation for a seamless customer experience
Smooth software performance and enhanced functionality – both inside and outside the vehicle – are essential to further improving the customer experience and satisfaction. To support this, Škoda Auto has launched the new MyŠkoda app, a unified platform for owners of all compatible models. Featuring an updated design and expanded functionality, the app provides a more user-friendly and comprehensive experience. It offers seamless vehicle access, new and improved features, and smart services such as Pay to Park and Pay to Fuel. Additionally, Powerpass integration simplifies charging for Škoda’s electric vehicles, consolidating all services into a single app.
Sustainability achievements
In 2024, Škoda Auto made further strides towards achieving its environmental targets. The company is on track to achieve CO₂ neutrality across all its production sites in the Czech Republic and India by 2030. A key milestone in this transition is the transformation of the Mladá Boleslav power plant, which is being converted to run entirely on biomass in partnership with ŠKO-ENERGO. This shift will reduce CO₂ emissions by up to 290,000 tonnes per year.
Škoda Auto has also implemented effective energy-saving measures across all its global production sites. In 2024 alone, the company reduced its energy consumption by 44,675 MWh (-3.7%), an amount equivalent to fully charging nearly 840,000 Škoda Elroq 50 models.
Alongside the release of its 2024 Annual Report, Škoda Auto has published its Sustainability Report, providing detailed insights into its environmental progress. Both reports are available to download from the Škoda Report 2024 site and the Sustainability microsite.
SOURCE: Škoda
