Škoda Auto achieves strong sales and financial performance in Q3 2024

• Deliveries increase: Škoda Auto continues to outpace the overall European market with global deliveries reaching 671,300 vehicles, marking a 4.5% increase YoY
• Strong financial performance: Revenue rises by 3.8% to €20.4 billion, operating profit grows to €1.7 billion (+34.8%), and return on sales remains robust at 8.3%
• Fourth best-selling brand in Europe: Škoda Auto further solidifies its position, offering a versatile, comprehensively updated model line-up covering all powertrain variants
• Portfolio electrification continues: Recently introduced compact SUV, Elroq, offers a great price-performance ratio and list price parity to its ICE counterpart in many markets

Škoda Auto maintains its positive momentum: deliveries to customers in the first nine months of 2024 increased to 671,300 vehicles (+4.5% YoY). This growth was supported by a strong third quarter, with 222,700 vehicles delivered (+6%). The automaker is performing particularly well in Europe, outpacing the overall European market. The company’s financial figures underscore its position of strength: revenue increased to €20.4 billion (+3.8%), operating profit rose by 34.8% to €1.7 billion, and the return on sales (RoS) reached 8.3% (6.4%).

The most successful markets in terms of absolute growth in the first three quarters are Germany, Turkey, the United Kingdom, Poland, and France. The all-electric Enyaq remains one of the best-selling BEVs overall in key markets like Germany, where it also ranked first among electric cars in September. This result makes the Enyaq the second best-selling electric car in Germany in the first nine months of 2024. Škoda has solidified its position as the fourth best-selling brand in Europe. It aims to build on this success: the recently launched all-electric compact SUV, Elroq, stands out as the most affordable EV in its class, taking into account its extensive standard equipment and battery size. In a first for the brand, sales began immediately after its premiere.

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“Škoda Auto is taking our success to the next level with a product strategy that resonates with our customers and meets the needs of this era of transition in mobility. Two numbers tell the story: 4 and 8. We have increased our brand ranking in Europe to 4th place from 7th place in 2023 and 10th place the year before, in a profitable way that supports a return on sales of more than 8 percent. I’m deeply grateful to everyone who designs, builds and sells our cars, as well as our dealer network and supply partners. Most importantly – a big thank you to our valued customers for their unwavering support and for being a part of our journey. Together, we are taking Škoda Auto forward in a robust and responsible manner. The recently introduced fully electric Elroq will contribute further to this path as a new entry point to e-mobility, with a great price-performance ratio for a broad audience. Our internationalisation program will also get a boost very soon with the unveiling of the Kylaq compact SUV, developed and produced in India for India.” Klaus Zellmer, CEO of Škoda Auto

“The financial results for the first three quarters reaffirm that, despite the challenges of this transformative period, we are navigating it successfully. All key financial indicators point to growth, particularly our operating profit, which has increased by over 34%, contributing to a strong net cash flow of almost €2 billion. These solid results are important factors to steadily invest in future products, our production sites and the digitalisation processes, thereby consistently further future-proofing our company. Our measures under the Next Level Efficiency+ programme continue to prove effective and will help us to sustainably maintain a return on sales above 8% in the near future. Among the success factors contributing to the strong financial performance are the synergies within the Brand Group Core – Volkswagen Group’s volume brands – and the joint efforts to effectively reduce costs. However, we must continue to advance in this direction together and continue to control our factor costs, as the market conditions remain challenging.” Holger Peters, Škoda Auto Board Member for Finance, IT, and Legal Affairs

“Deliveries globally, and especially in Europe, demonstrate that our brand campaign is taking effect and our model line-up has hit the mark in terms of design, utility, and pricing. Škoda Auto is among the most successful providers in the European True Fleet segment, where our company holds third place cumulatively. I am convinced that the all-new fully electric Elroq will join the ranks of our successful models in both the fleet and private sector, as its high utility value combined with an attractive price has generated well-deserved interest. In many markets, this EV is already priced comparably to its ICE counterpart, the Karoq, fulfilling our commitment to offering customers the best of both worlds – whether they prefer combustion or electric powertrains.” Martin Jahn, Škoda Auto Board Member for Sales and Marketing

Strong operating profit and stable RoS
After the strong performance from the first half of the year, Škoda Auto reaffirmed its financial stability in the third quarter of 2024. In the first nine months of 2024, revenue increased by 3.8% to €20.4 billion year-on-year, operating profit grew by 34.8% to €1.7 billion, while the RoS reached 8.3%. The main drivers of Škoda Auto’s profit growth are its comprehensive model line-up and its efficient cost structure. Net Cash flow grew by 98 % to € 2 billion.

Škoda’s comprehensively updated model range, diverse powertrain options, and high utility value contributed to a 4.5% year-on-year increase in global deliveries to 671,300 units. The third quarter was particularly successful, with Škoda Auto delivering 222,700 vehicles worldwide, up 6.0% on the same period last year. September 2024 marked Škoda’s best month in over three years with 84,200 vehicles delivered, the highest figure since June 2021, providing a cautiously optimistic outlook for the rest of the year.

Delivery figures nearing 2019 records with strong growth in key markets
Škoda is outpacing the overall European market, where it achieved the highest August and September deliveries in its history. In the first three quarters, Škoda grew by 8.2% in Europe, solidifying its position as the fourth best-selling brand. With 552,400 vehicles delivered in the first three quarters of 2024, Škoda has returned to pre-pandemic levels last seen in 2019.

The largest absolute increases were recorded in Germany (140,000 vehicles; +24,600), Turkey (30,100; +5,700), the United Kingdom (58,300; +5,200), Poland (43,900; +4,600), and France (31,600; +4,300). Significant improvements continued in the Mediterranean region, with the highest increases in Israel (15,900; +3,100), Italy (27,900; +2,400), and Spain (24,600; +2,400).

Particularly strong sales growth was recorded in Germany, the brand’s largest single market. This year, the automaker has delivered 21.4% more vehicles year-on-year, with the fully electric Škoda Enyaq becoming the  best-selling electric vehicle overall in September with 3,400 units sold.

Youngest model portfolio in brand’s history, Enyaq among most sought-after BEVs
Demand for Škoda models remains high. The brand’s youngest-ever portfolio resonates with customers across multiple regions, thanks to its design, advanced features, and convincing price-value proposition. The comprehensive range of powertrain options – from modern, fuel-efficient ICEs to plug-in hybrids and fully electric models – is also contributing to this success.

The refreshed best-selling Octavia posted a 13.7% increase in sales during the first three quarters. Deliveries of the popular Fabia model also rose sharply, up 21.3%. With a high volume of orders, the outlook for the remainder of 2024 remains optimistic.

Despite the overall slow-down in EV sales, the fully electric Enyaq continues to rank among Europe’s best-selling electric vehicles, securing top positions in markets such as the Czech Republic, Finland, Germany, and Switzerland.

Laying the foundation for further growth with the Škoda Elroq and Škoda Kylaq
Škoda continues to expand its electric vehicle portfolio with the introduction of the Elroq, which enters the highly sought-after compact SUV subsegment. For the first time in the brand’s history, Škoda launched sales immediately after the world premiere on 1 October, and the model has already garnered significant interest as evidenced by activity on web configurators in the 11 first-wave countries where sales have launched.

Škoda’s fully electric line-up will be further strengthened with the launch of the new Enyaq in 2025, followed by the all-new Epiq – a compact urban crossover – in 2026.

In the coming days, Škoda Auto will be expanding its line-up in India with the launch of the compact SUV, Kylaq, entering the highly competitive sub-4-metre segment. The Kylaq will be produced locally, utilising components from regional suppliers.

Škoda Auto Group¹⁾ – Comparison of key figures, January to September 2024²⁾

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 three-quarters of the year by selected market region

Škoda vehicle deliveries to customers in the three quarters of 2024
(in units, rounded, listed by model; change in per cent compared to the same period in 2023):