Seat chairman warns Spanish government: “employment and investments are at stake”

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“I am worried about the political instability in Spain…. In addition, we have been waiting for a month for the government to keep the word that President Sánchez gave us at the Anfac Forum on the modification of the Moves purchase aid plan,” Wayne Griffiths, president of Seat SA, lamented yesterday during the presentation of the Spanish company’s results. Last year, Seat SA (comprising the Cupra and Seat brands) achieved its best results ever, with a record operating profit of €625 million, up from €33 million a year earlier.

“We have done our homework, but we need stability for our investments and for vehicles to be sold,” he added. Because in 2023, while registrations of plug-in cars (battery and plug-in hybrids) in Europe reached a 22% share, only 12% in Spain. And of these, just 5% were pure electric.

Griffiths said that this year is key in its transformation to make Spain an electromobility hub, which will affect the Martorell and Landaben factories, and the creation of the Sagunto gigafactory. In total, investments of €10,000 million with the involvement of more than 50 companies.

“From Seat we are leading the development of the small electric cars that the Volkswagen Group will make,” added the company’s president. “We have already lost two years, but we have to act because those jobs and investments are at stake.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.