NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

VW's SEAT says September sales could top 2019 despite pandemic

Published 29/09/2020, 15:32
© Reuters. Photocall with the new Formentor car by SEAT Cupra, in Martorell
VOWG_p
-

MARTORELL, Spain (Reuters) - Volkswagen (DE:VOWG_p)'s Spanish brand SEAT has seen an uptick in demand despite the COVID-19 pandemic and sales in September could surpass those in the same month of 2019, which was a record year, its incoming chairman told Reuters.

"We are having a very good September," Wayne Griffiths said at the carmaker's plant outside Barcelona.

"And the fourth quarter is looking good both for SEAT and CUPRA, because I think that with our investments in new products we are in a great position to start to grow again when the market starts to come back."

CUPRA is SEAT's sports car brand.

Griffiths was last week named SEAT's new chairman, starting on Oct. 1, and will keep his role as the head of CUPRA.

At its Martorell plant, just outside Barcelona, CUPRA started on Tuesday to produce its new Formentor model.

Overall output at the factory is back at the levels before the pandemic, said Griffiths.

He said the carmaker remained committed to starting production of electric vehicles in Martorell in 2025, but that it would depend on government support and other factors.

The Spanish government announced in June a 3.7 billion euro ($4.3 billion) aid package for the auto industry, including a scheme to encourage drivers to trade in older cars for new low-emission and electric vehicles.

Carmakers are ramping up production of battery-powered vehicles to try to meet tough European emissions regulations, but the hefty costs involved have come just as the sector has been hit by the coronavirus crisis.

© Reuters. Photocall with the new Formentor car by SEAT Cupra, in Martorell

($1 = 0.8532 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.