Czech automobile manufacturer Škoda Auto has reported a record sales revenue of €27.8bn for financial year 2024 ended 31 December, a 4.7% increase from €26.5bn in 2023.
Operating profit surged by 30% to €2.3bn, resulting in a return on sales of 8.3%, up from 6.7% in the previous year.
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The company’s net cash flow saw a significant boost, more than doubling to over €2bn, a 116.2% jump from €0.938bn in 2023.
The record financial figures were attributed to higher vehicle sales, positive mix effects, and favourable exchange rates, along with the diligent execution of the Next Level Efficiency+ programme focused on cost optimisation, Škoda Auto said.
Škoda Auto board member for Finance, IT and Legal Affairs Holger Peters said: “In 2024, we achieved records in both revenue and net cash flow and accomplished our profitability target.
“Our financial consistency and stability, along with investments in products, digitalisation, and the further optimisation of our production processes, will help strengthen Škoda Auto’s position for years to come.
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By GlobalData“The Next Level Efficiency+ programme proves that we are tackling current challenges while preparing for future ones, including stricter emissions levels. In 2024, we also made significant progress in digitalisation – AI is now assisting Škoda in increasing efficiency and further improving customer centricity.”
In 2024, Škoda Auto’s vehicle deliveries rose by 6.9% year-on-year to 926,600 units.
The Octavia led as the brand’s top-selling model, with 215,700 vehicles sold, marking a 12.4% increase.
Germany, the Czech Republic, and the UK remained the company’s largest markets, with notable sales growth in Türkiye, Poland, and Spain.
Production in 2024 also saw a modest increase of 2.0%, with 1,027,300 vehicles manufactured, up from 1,006,800 in the previous year.
Looking to the future, Škoda Auto plans to expand its global footprint, with a new plant in Vietnam. This facility is planned to commence operations in first quarter of this year.
The firm’s India-specific Kylaq urban SUV is expected to bolster sales to 100,000 units by 2026 in this key market.
