Production of the Cupra Formentor in Martorell
The VW Group has put the total costs for the conversion and expansion of electrical production in Spain at around ten billion euros.
(Photo: Bloomberg)
A new car brand is to become the most important pillar of the Volkswagen subsidiary Seat: “Cupra helps Seat to achieve significantly improved returns,” said Seat boss Wayne Griffiths in an interview with the Handelsblatt. The brand should also get a clear electric focus. By 2030, Cupra will sell “almost exclusively” electric cars, Griffiths said.
With an annual production of around 500,000 cars, Seat is the smallest subsidiary in the entire Volkswagen group. The Spanish manufacturer had specialized in small cars, which should be sold primarily to younger customers, especially in southern Europe. Seat is something like the entry-level brand in the group.
From an economic point of view, however, this strategy was not particularly successful. “Seat has always struggled to be profitable,” CEO Griffiths admits. The company is the only VW passenger car subsidiary to be in the red in 2020 and 2021, two consecutive years.
Regular losses at Seat
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