SEAT has its first profitable year since 2008, earning €6 million in 2015
After eight years of losses, SEAT has pulled itself out of the red, earning €6 million in profits after taxes in 2015. This marks an end of a period of struggle with a record turnover of 8,332 million (up 11 percent on 2014), stated SEAT CEO Luca de Meo. He also hopes that the success in 2015 will help the company maintain its momentum as it pushes into 2016 with the manufacture of a new SUV vehicle as well as the release of three other car models over the next 18 months. Although the company has faced significant challenges in the face of a recovering auto industry, SEAT has seen increasing demand from southern Europe in Italy and Spain, as well as in Germany, where the company made 90,000 of their 400,000 car sales in 2015.
Barcelona (CNA).- For the first time in eight years, SEAT had a successful year , earning €6 million after taxes. In light of a struggling auto industry, the recovering market for automobiles in parts of southern Europe like Italy and Spain, as well as in Germany, helped SEAT reach a record turnover of 8,332 million in 2015, up 11 percent on 2014. According to SEAT’s financial manager Holger Kintscher, the Spanish automobile company also saw its third consecutive year of increased car sales, with SEAT selling 400,000 cars – 90,000 of which were sold in Germany alone. After years of struggle and losses, SEAT’s CEO Luca de Meo says that the profits are “great news” for the company and will give them “confidence to face future challenges”.
This confidence will hopefully give the automobile company the momentum it needs to continue its success well into 2016 with the release of several new automobile models. SEAT is expected to start manufacturing a new SUV that is called the “little brother” of the Ateca model. Unlike the Ateca, the urban SUV will be smaller and manufactured in Martorell, not the Czech Republic. In addition to the new SUV model, the company is also slated to introduce three other cars onto the market within the next 18 months.
While the three new models will lead to an increase of manufacturing in Martorell, it is unclear what other increases these new models might lead to for the company. In 2015, SEAT reported that it hired 350 more employees. At this time, SEAT has said it is unclear whether or not this will lead to more job creation in 2016. But, with continued industry recovery and growth, the potential is certainly there.