Škoda Auto’s First Half of 2024: Record Sales, Strong Profits, and Electrification Milestones
Mladá Boleslav, 2 August 2024 – In the first half of 2024, Škoda Auto has demonstrated remarkable resilience and growth despite a challenging market environment, recording strong financial results and notable sales achievements.
Financial Highlights:
- Operating Profit: Rose to €1.149 billion, a significant 26.1% increase.
- Return on Sales: Improved to 8.4% from 6.6% in H1 2023.
- Sales Revenue: €13.652 billion, nearly steady from last year with a slight decrease of 0.7%.
- Net Cash Flow: Increased to €1.408 billion, a 135.8% surge.
Škoda attributes these gains to a favorable mix of car sales, beneficial exchange rate effects, and the successful implementation of its Next Level Efficiency+ programme. This led to improved working capital and a substantial boost in cash flow.
Sales Performance:
- Vehicle Deliveries: Reached 448,600 units, a 3.8% increase compared to the same period last year.
- Top Performer: The Octavia remains the brand’s bestseller with a 24.1% increase in deliveries.
- Electric Vehicles: The all-electric Enyaq continues to be a top choice in key markets like Germany.
Market Position:
For the first time, Škoda has ascended to the fourth position in European registrations, supported by its diversified and updated model portfolio that includes internal combustion engines (ICE), plug-in hybrids, mild-hybrids, and fully electric vehicles. This balanced approach has resonated with customers across the continent.
Electrification Efforts:
Škoda is set to introduce the fully electric Elroq compact SUV this autumn, targeting Europe’s largest sub-segment by volume. This new model features a range of over 560 km (WLTP) and incorporates Škoda’s Modern Solid design language, enhancing the brand’s EV portfolio.
CEO’s Perspective:
Klaus Zellmer, CEO of Škoda Auto, expressed optimism, stating, “Škoda Auto enters the second half of the year with great momentum from the first six months. Our comprehensive and updated product lineup has been well-received by customers, and we are excited to expand our all-electric range with the Škoda Elroq. Our H1 results give us confidence as we navigate the dynamic market.”
Future Outlook:
Holger Peters, Škoda Auto Board Member for Finance, IT, and Legal Affairs, highlighted the brand’s strategic direction: “Our strong financial results affirm that we are on the right path. We aim to maintain profitability above 8% by leveraging efficiency measures and investing in future-oriented areas like AI. This will ensure we remain competitive and future-proof.”
Market Successes:
Škoda’s balanced portfolio and strategic market approach have driven growth across Europe, with notable increases in Germany, Poland, France, and the UK. In Germany, deliveries rose by 17.8%, making it Škoda’s largest global market.
As Škoda continues its electrification journey, the brand is also planning the release of the new Enyaq and a small electric vehicle within the Brand Group Core by 2027, demonstrating its commitment to sustainable mobility and innovation.
Škoda Auto Group1) – Comparison of key figures, January to June 20242)
| January–June 2024 | January–June 2023 | Change | ||||
| Deliveries to customers | cars | 448,600 | 432,200 | +3.8% | ||
| Production3) | cars | 547,400 | 535,200 | +2.3% | ||
| Sales4) | cars | 547,700 | 545,500 | +0.4% | ||
| Sales revenue | € million | 13,652 | 13,748 | −0.7% | ||
| Operating profit | € million | 1,149 | 911 | +26.1% | ||
| Return on Sales | % | 8.4 | 6.6 | – | ||
| Investments | € million | 823 | 919 | −10.4% | ||
| Net cash flow | € million | 1,408 | 597 | +135.8% |
1) Škoda Auto Group comprises Škoda Auto a.s, Škoda Auto Slovensko s.r.o., Škoda Auto Deutschland GmbH, Škoda Auto Volkswagen India Pvt. Ltd. and until May 2023, the Group also included OOO Volkswagen Group Rus, the financial results of which are included until then.
2) Percentage deviations are calculated from non-rounded figures.
3) Comprises production in the Škoda Auto Group, excluding production at partner assembly plants in China, Slovakia and Germany, but including other Group brands such as Seat, VW and Audi; vehicle production excluding part/complete kits.
4) Comprises Škoda Auto Group sales to distribution companies, including other Group brands including Seat, VW, Audi, Porsche and Lamborghini.
Worldwide deliveries in the first half of the year by selected market region
| Market region | January–June 2024 | January–June 2023 | Change | ||
| Western Europe | 260,100 | 236,900 | +9.8% | ||
| Germany (largest market) | 91,100 | 77,300 | +17.8% | ||
| Central Europe | 95,800 | 92,800 | +3.3% | ||
| Czech Republic | 41,300 | 43,900 | −6.0% | ||
| Eastern Europe | 24,400 | 22,600 | +7.7% | ||
| China | 7,100 | 12,800 | −44.3% | ||
| India | 16,000 | 23,800 | −32.6% | ||
| Total (worldwide) | 448,600 | 432,200 | +3.8% |
Škoda brand deliveries to customers in the first half of 2024
(in units, rounded, listed by model; +/- in % compared to previous year):
| Model | January–June 2024 | Change |
| Škoda Octavia | 121,300 | +24.1 % |
| Škoda Kamiq | 61,100 | +4.7 % |
| Škoda Fabia | 56,800 | +17.5 % |
| Škoda Karoq | 53,000 | +0.7 % |
| Škoda Kodiaq | 51,100 | −9.0 % |
| Škoda Superb | 30,600 | −11.5 % |
| Škoda Enyaq | 29,400 | −5.9 % |
| Škoda Scala | 29,100 | −6.2 % |
| Škoda Kushaq | 8,400 | −33.5 % |
| Škoda Slavia | 7,800 | −17.6 % |
