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Seat balance sheet - continued high losses: Seat focuses on expansion in Europe

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Seat balance sheet - still high losses
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' We have to achieve significantly higher income and to do that we have to sell more cars. ' This can only be achieved if the automaker does not look to Spain alone. 'Our market is Europe.'

Profit zone is far from in sight

Seat is the problem child of Volkswagen group. The company drove even deeper into the red in 2009 and registered losses of 339 million euros, more than four times as much as in the previous year. Sales fell by 15 percent to 4.1 billion euros. The number of vehicles sold fell by 8.5 percent to 337,000. Despite the crisis, Seat invested almost 510 million euros in 2009, thereby proving that it was banking on the future, emphasized Muir.

The Seat President could not say when the VW subsidiary would come out of the red hope 'We're not going to break even this year,' he said. 'The next three years are critical for Seat.' For 2012, the company is preparing a major offensive with the aim of better utilizing its plant in Martorell. The factory could produce 500,000 cars a year. This capacity is currently not even used to 60 percent. 'If we don't use the factory to capacity, we won't earn any money either,' emphasized the Seat President. Better utilization is currently the top priority for Seat. Therefore, no layoffs, but new hires are planned for this year. The company has 10,400 employees.

Economic crisis in Spain causes losses

D he VW subsidiary attributed its losses primarily to the severe economic crisis in Spain and the collapse of the car market there. In Germany, however, Seat was able to increase the number of its cars sold by 37 percent to 56,000 and in Great Britain by three percent to 30,000. In Germany, the market share rose from 1.3 to 1.5 percent.

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