11:29 am, March 28, 2023
The Seat brand is to be transformed as the VW Group division looks to expand its electric scooter range and offer car-sharing services.
That’s according to CEO Wayne Griffiths, who said the aim was to turn Seat into a micro mobility platform, reports Automotive News Europe.
The Spanish car firm added two-wheelers to its range last year with the Mó eScooter electric moped boasting a range of up to 85 miles.
Now Seat, whose HQ headquarters and main manufacturing facilities are in Martorell, some 30km north-west of Barcelona, is saying it’s going to accelerate its transformation towards electrification as well as Cupra’s growth.
The electric scooter range and rental services will be called Seat Mó.
Griffiths was quoted by Automotive News Europe as saying: ‘I see an alternative in the cities to cars and also, perhaps, an alternative to privately owned cars and more subscription and sharing.’
Seat has a factory in Pamplona as well, and VW is understood to be ploughing 10bn euros (circa £8.8bn) into turning Seat’s Spanish facilities into a hub making a range of EVs.
It will be taking the lead on developing the VW Group’s small electric models, according to Automotive News Europe.
In addition, Seat is looking to take on EV manufacturers such as Tesla in North America with Cupra EVs.
As well as opening City Garages in Manchester, Berlin, Paris and Madrid, this year, it is analysing entry into North America.
Seat said it was testing the brand with potential clients, and said that results so far were promising and positive.
It follows the news that last year Seat posted an annual turnover of 10.5bn euros (£9.22bn) – the second highest in the company’s 73-year history behind 2019’s record 11.157m euros (£9.8bn).
Operating profit rose by 550m euros (£483.18m) from a deficit of 371m euros (-£325.93m) to 179m euros (£157.25m) in the black, before one-time restructuring costs of 293m euros (£257.4m).
Return on sales improved by 5.7 percentage points, from minus four per cent to +1.7 per cent.
Profit after tax rose by 324m euros (£284.6m) from -256m euros (-£224.9m) in 2021 to 68m euros (£59.7m) last year.
EBITDA grew from 278m (£244.7m) euros in 2021 to 798m euros (£702.46m) before the one-off restructuring costs – its highest level in five years.
Seat said the results confirmed that 2022 was the year of its financial turnaround.
‘We are at the start of a crucial year in Seat’s history,’ said Griffiths when the results were announced.
‘We know the future is electric and we have a clear vision and motivated team determined to make this transition.
‘If 2022 was the kick-off of our transformation, 2023 will be the year of its acceleration.
‘We built Martorell 30 years ago to create a new era of growth for Seat. Now we are in a second era: the next big milestone in the history of this company’
Pictured is Seat’s battery research and development centre in Martorell
