Mathilde Carlier
Research Expert covering transportation and logistics
SEAT S.A. - Statistics & facts
Spanish people have a strong affection for SEAT-branded cars. This is unsurprising: SEAT S.A., the parent company of SEAT and CUPRA, produces its vehicles in a manufacturing plant approximately 30 kilometers northwest of Barcelona. In 2023, SEAT ranked among the top five passenger car brands in the country, superseded only by its Asian competitors and a fellow VW Group marque, Volkswagen. SEAT’s Arona was, however, the second-best-selling car model in Spain that year.
SEAT’s success in its domestic market contributes to SEAT S.A.’s performance among other subsidiaries of the Volkswagen Group. The Spanish company was the fourth subsidiary with the most vehicles sold in 2023, outperforming Porsche and the VW Group’s commercial vehicle segment.
As a company, SEAT S.A. is embedded in a specific car market, and its financial results reflect this commitment. Nevertheless, it faces competition from other Asian and European brands. While its performance brand CUPRA has yet to rank higher in these bestseller lists, it has been gaining popularity since its inception in 2018. This could open up opportunities for the company, particularly given the success of its Formentor model.
SEAT’s success in its domestic market contributes to SEAT S.A.’s performance among other subsidiaries of the Volkswagen Group. The Spanish company was the fourth subsidiary with the most vehicles sold in 2023, outperforming Porsche and the VW Group’s commercial vehicle segment.
SEAT S.A.’s financial performance and focus on affordability
In 2023, SEAT S.A. reported over 14 billion euros in revenue, representing some 4.45 percent of Volkswagen Group’s results for that year. 2023 was the best financial year on record since 2016 for the Spanish company, with its net sales surpassing pre-pandemic levels by over three billion euros. This was also the first year SEAT S.A. recorded a net income after experiencing three years of net losses. While this financial performance trails behind companies such as Volkswagen Passenger Cars and the Audi Progressive Brand Group, it is also important to contextualize SEAT S.A.’s success in terms of car segments. The company focuses on selling wallet-friendly cars to consumers, including performance cars under its CUPRA brand and more mainstream options under its SEAT marque. This differentiates SEAT S.A. from most other companies in the Volkswagen Group’s portfolio.Struggles with competitors outside SEAT’s domestic market
Due to its focus on affordability, SEAT S.A. directly competes with brands such as Dacia, Kia, and Toyota. Its most prominent markets were mostly European countries, with Germany overtaking Spain as the country where the most SEAT and CUPRA vehicles were sold in 2023. However, while Europe was a core market for the Spanish company, neither SEAT nor CUPRA ranked among the ten best-selling brands in the European Union in 2023, unlike some of the brands’ main competitors and other VW Group-owned marques. In Germany, SEAT ranked seventh, below Volkswagen, Audi, and Škoda.As a company, SEAT S.A. is embedded in a specific car market, and its financial results reflect this commitment. Nevertheless, it faces competition from other Asian and European brands. While its performance brand CUPRA has yet to rank higher in these bestseller lists, it has been gaining popularity since its inception in 2018. This could open up opportunities for the company, particularly given the success of its Formentor model.
Mathilde Carlier
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May 29, 2024
Mathilde Carlier
Research Expert covering transportation and logistics
