SEAT SA annual press conference was held. SEAT SA Chairman Wayne Griffiths and SEAT SA's Vice President for Finance and IT David Powels shared the company's 2021 results and future strategy, and Thomas Schmall, SEAT SA Chairman of the Board, also took part in the meeting. SEAT SA and Volkswagen Group announced that they will invest more than 7 billion Euros to develop electric vehicles in Spain within the scope of The Future: Fast Forward project. This investment will be the largest one-time industrial investment in Spain to date.
The facility in Valencia, which is targeted to have an annual production capacity of 40 GWh, is planned to employ more than 3 people. Volkswagen Group aims to complete the plant by the end of the year, with the aim of starting production in 2026.
The growth strategy of the CUPRA brand
The press conference also gave a preview of one of the new CUPRA models, scheduled to be launched in 2024. The all-new SUV, which will be produced in Hungary, will have mild hybrid and plug-in hybrid versions. The new model is aimed to lead the next generation of PHEVs with an electric range of around 100 km.
The new SUV is one of four new models to join the CUPRA lineup soon. The brand is preparing to introduce the CUPRA Tavascan and the new SUV model to the market in 2024. These models will be followed by two new models that will be launched in 2025. CUPRA aims to double the number of "CUPRA Masters" and "CUPRA City Garages" worldwide in 2022. The brand also aims to double its sales and sales network at the end of the year, and plans to double its turnover to 5 billion Euros.