VW's SEAT car unit posts record profit of €371m at half-way stage

'It's the quality of our business, of turnover and profitability that is driving our result up and not just pure volume,' SEAT chief executive Wayne Griffiths said

Volkswagen this week lowered its 2023 deliveries outlook, citing uncertain economic times, but it aims to improve its cash flow as it hikes prices and cuts costs.

Volkswagen's Spanish unit SEAT posted record first-half profit and sales, fuelled by its high-end Cupra brand, even as supply disruptions kept production 10% below goals, but expressed concern about demand in 2024.

It swung to a profit of €371m from a year-ago loss of €97m, while revenue rose 38% to €7.4bn. Combined sales of SEAT and Cupra brands grew 28%, with the latter alone rising 57%.