King Felipe VI Receives SEAT S.A. Executive Committee to Discuss Electric Mobility and Record-Breaking Performance

King Felipe VI Receives SEAT S.A. Executive Committee to Discuss Electric Mobility and Record-Breaking Performance

(IN BRIEF) His Majesty King Felipe VI of Spain held an audience with the Executive Committee of SEAT S.A., led by its President, Wayne Griffiths, at Palacio Albéniz in Barcelona. During the meeting, SEAT S.A. executives updated the King on the progress of the “Future: Fast Forward” project, aiming to establish Spain as a European hub for electric mobility. This project, backed by SEAT S.A., the Volkswagen Group, and PowerCo, represents a historic industrial investment of 10 billion euros in Spain, focusing on electrification. It includes the construction of a battery cell gigafactory and the electrification of SEAT S.A.’s factories. The project is expected to have a significant economic impact, creating jobs and boosting the Spanish economy. The Executive Committee also discussed the challenges and opportunities of electrification, such as charging infrastructure and renewable energy. Additionally, SEAT S.A. reported strong performance in the first half of 2023, achieving record results with an operating profit of 371 million euros and substantial growth in sales for both the SEAT and CUPRA brands.

(PRESS RELEASE) MARTORELL, 19-Sep-2023 — /EuropaWire/ — Led by SEAT S.A., the Volkswagen Group and PowerCo, the Future: Fast Forward project represents the largest industrial investment in Spanish history, 10 billion euros,  with the aim of electrifying the country. Thplan includes the construction of first battery cell gigafactory for electric vehicles in Sagunto (Valencia) and the electrification of the Martorell and Navarra factories, which will produce electric vehicles from 2025. The investment of the Future: Fast Forward project represents a direct impact of more than 145,000 jobs and more than 2.1 billion euros on the Spanish economy.

As part of the development to electrify the Martorell factory, SEAT S.A. will build a battery system assembly plant in Martorell the size of nine football fields, which will ensure more than 400 direct jobs and more than 100 indirect jobs, and it will involve an additional investment of 300 million euros.

The members of the company’s Executive Committee highlighted the challenges and opportunities that electrification represents for Spain. Aspects such as the need to accelerate charging point infrastructure, tax subsidies that contribute to the renewal of the vehicle fleet and the competitive advantage that renewable energies can provide for Spanish industry were some of the topics discussed.

Best first half results in SEAT S.A. history

SEAT S.A. representatives also shared with His Majesty the King the good performance of the company which, driven by CUPRA, has achieved record results in the first half of 2023 with an operating profit of 371 million euros, 468 million euros more than in the same period of the previous year. So far this year, sales of the SEAT brand have grown by 18%, reaching almost 200,000 cars sold. On the other hand, CUPRA is experiencing exponential growth and has already delivered close to 150,000 vehicles in 2023, representing a year-on-year growth of 60%.

Media Contact:

Ezequiel Avilés
Corporate Communications
M/ +34 646 303 738
ezequiel.aviles@seat.es

Jan Conesa
Corporate Communications
M / +34 650 659 096
jan.conesa@seat.es

SOURCE: SEAT, S.A.