2022 was the year when SEAT S.A. took historic decisions that created a new chapter in our company’s story. In the midst of a perfect storm of challenges, from the semiconductor crisis to the rising cost of raw materials, we embarked on an ambitious transformation towards electrification and a more agile and profitable company. The results? A 550 Mio € financial turnaround that saw SEAT S.A. record the second biggest turnover in its 73-year history.
To build a successful electric future, last year we set the foundations. Together with the Volkswagen Group, PowerCo and the Future: Fast Forward partners, SEAT S.A. is investing 10 billion euros in Spain– the largest industrial investment in the country’s history. The Future: Fast Forward project is transforming Spain into an EV hub in Europe, sustaining its competitiveness in the world and securing thousands of jobs.
The CUPRA success story accelerated and with the Formentor leading the way, the brand increased its sales, delivering more than 150,000 vehicles– up 93% on the previous year. CUPRA cemented its position as Europe’s fastest growing automotive brand and performed particularly well in Germany, Austria, Spain, the UK, Italy, and France. CUPRA also saw important growth in markets such as Turkey, Israel and Mexico and took a major step in its globalisation, launching in Australia and opening a CUPRA City Garage in the heart of Sydney.
Another highlight was the Unstoppable Impulse event in June, where CUPRA unveiled its vision for the future with three new electrified models – our new heroes for a new era. We went back to Terramar, where it all began and introduced the CUPRA Tavascan, CUPRA Terramar, and CUPRA UrbanRebel to the world. These models will move the brand along its journey as we look to deliver 500,000 cars per year in the midterm and push forward into new markets and segments.
2022 was a year of both successes and challenges for our company. SEAT brand deliveries slowed down, but we are already seeing a recovery. We are resilient and I see crises as opportunities, by continuing with our transformation and investing in the future. The story of a new SEAT S.A. is only beginning, but I am optimistic about our future. A bright, electric future.