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Skoda remains on ‘solid ground’ despite first quarter dip in sales and profits

  • Skoda Auto delivers ‘solid’ performance in first quarter
  • Firm saw sales and profits fall in Q1 but improved market share in Europe
  • Bosses say outfit is enjoying ‘sustained customer demand’

Time 9:28 am, May 3, 2024

Skoda saw its revenues and profits fall in the first quarter of the year, following a slump in global sales.

The Czech brand experienced slight dips in the three months to the end of March but bosses insist the outfit remains on ‘solid ground’.

The company recorded 268,400 global sales in Q1, compared to 275,300 in the same period last year – a decline of 2.5%.

That meant that sales revenue also fell for the firm, which has more than 130 franchise dealerships in the UK.

Figures show that Skoda generated sales revenue of €6.57 (£5.62m) at the start of 2024 – down 3.2% on 2023’s €6.79m (£5.8m). Operating profit also took a hit – falling 1.3% to €535m.

Despite the setbacks, there was plenty of good news for bosses to enjoy, with the company posted a slightly improved return on sales, which went from 8% to 8.1%.

Also, deliveries to customers rose 5.2% to 220,500 and production ramped up 4.5% t0 278,500 cars.

In its biggest region of Western Europe, which includes the UK, Skoda delivered 118,400 vehicles – 40,200 of which came in Germany. Throughout Europe, Skoda’s market share rose to 5.1%

The brand’s best-selling model worldwide was the Octavia, of which there were 61,200 deliveries in Q1, followed by the Kamiq (28,600) and Fabia (27,600).

Reacting to the results, Klaus Zellmer, Skoda Auto CEO, said: ;Skoda Auto turned in a solid performance in the first quarter, once again demonstrating a robust business model built on attractive products tailored to our customers’ daily lives.

‘After the challenges of the past few years, we are seeing sustained customer demand and sustaining our capacity to deliver.’

Holger Peters, Skoda Auto board member for finance, IT and legal affairs, added: ‘After a record year in 2023, we have started the first quarter of 2024 on very solid ground.’

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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