SEAT Reports Declining Profits and Sales in 2008FY, Announces new Ibiza ST Estate

As is the case with most automakers around the world, 2008 proved to be a very difficult year for Volkswagen's subsidiary, SEAT. Based on Spanish financial reporting rules, SEAT posted a negative operating result for 2008 of €-141 million (2007: €+44 million). Taking into account other income and taxes, the firm's operating result was €+44 million (2007: €+170 million). In terms of car sales, VW's Spanish brand delivered some 368,000 vehicles to customers in the 2008FY compared to 431,000 units in 2007FY. Sales revenue amounted to €4.81 billion (2007: 5.57 billion).

Along with the release of the brand's financial and sale figures, Erich Schmitt, President of SEAT also announced that in 2010, the Ibiza range will be extended with the introdoction of an Estate / Station Wagon version that will bear the ST moniker.

"Customers want attractive, top quality vehicles regardless of whether times are good or bad. That is why we are launching ten new models that suit customers' tastes this year and thereby positioning ourselves for better times," Erich Schmitt pointed out. "And next year we will be launching the third variant of our successful Ibiza model, a wagon version, which we will be producing here in Martorell. This will be the Ibiza ST," he concluded.