Volkswagen’s Spanish subsidiary Seat aims to almost double production to around 800,000 cars in just over a decade, its CEO Erich Schmitt was reported to have said in a newspaper interview.
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According to Dow Jones, Schmitt also told Spanish newspaper El Mundo that the German parent was not looking to sell the Barcelona-based manufacturer.
“Alternatives were studied, but a sale was never debated seriously,” El Mundo reported Schmitt as saying.
Dow Jones noted that Seat lost EUR49.1m last year, when its factory in Martorell produced 408,000 cars, up from 385,000 a year earlier but still below its capacity of more than 500,000 units.
“We are trying to give it a solid industrial and financial base … to reach some 800,000 units annually in 2018 and be financially self-sufficient, which would imply a return on invested capital of 9%,” Schmitt said, according to the news agency’s report.
