Škoda Auto delivers solid performance in first quarter, strengthens position in European market

Mladá Boleslav, 2 May 2024 – Škoda Auto has begun 2024 with solid financial and sales results. Demand for the Czech car manufacturer’s models remains high: in the first three months of the year, Škoda Auto delivered 220,500 vehicles worldwide (+5.2%), while the order books continue to show promise. The return on sales (RoS) remains robust at 8.1%. Net cash flow reached €457 million (+10.7%). In the first quarter, there was a modest decline in sales revenue by 3.2%, totalling €6,574 million compared to the previous year, with an operating profit of €535 million, a decrease of 1.3%. This was partly due to rising material costs. In Germany, Škoda Auto’s largest single market, the company delivered 43,500 cars between January and March, up 3,300 units from the previous year. This represents the highest growth in deliveries for the brand in the first quarter of 2024. Poland and Ireland ranked second and third in sales growth. The Octavia remains the brand’s top-selling model, with 61,200 units delivered (+36%). Production of the upgraded version began in early April at the main plant in Mladá Boleslav. Additionally, the all-electric Enyaq model recorded global deliveries of 14,000 units, an increase of 12.3% compared to the same period in 2023.
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Klaus Zellmer, CEO of Škoda Auto: “Škoda Auto turned in a solid performance in the first quarter, once again demonstrating a robust business model built on attractive products tailored to our customers’ daily lives. After the challenges of the past few years, we are seeing sustained customer demand and sustaining our capacity to deliver. While the future is increasingly electric, we stand by our ICE and hybrid models that together provide customers with the freedom to choose during this era of transition. This strategy led by customer-centricity will help us increase market share in Europe while growing in new international markets in Asia and the Middle East.”

Holger Peters, Škoda Auto member of the Board of Management for Finance, IT and Legal Affairs: “After a record year in 2023, we have started the first quarter of 2024 on very solid ground. With an operating profit of €535 million in the first three months, we have successfully maintained our performance at levels close to those of the previous year, with revenues totalling €6,574 million. Additionally, we achieved a 10.7% increase in net cash flow, reaching €457 million. These results enable us to fund future investments from our own resources. In the first quarter alone, we invested €443 million (+2.3%), a large portion of which flowed into future products.”

Martin Jahn, Škoda Auto Board Member for Sales and Marketing: “Our performance has been particularly strong in European markets. Germany led the field with the highest absolute sales increase of 3,300 units. Following closely are Poland and Ireland, where we have also seen significant gains in market share, approaching the 11% mark in both countries. The Octavia remains our bestseller, and at the same time, we are encouraged by the growing interest in our all-electric Enyaq model family. In the first three months of this year, we delivered 12.3% more Enyaq models to customers than in the same period last year.”

Strong performance in Europe: overall market share increased
Škoda Auto increased its overall market share in Europe to over 5% in the first three months of the year. Germany remained Škoda Auto’s largest single market worldwide in the first quarter of 2024, with 43,500 vehicles delivered. This corresponds to an increase of 8.3% compared to the same period last year and represents the largest increase in absolute figures worldwide (+3,300 vehicles). The brand grew its market share in Germany compared to the previous year to 6.3% (2023: 6.0%). The Czech Republic, Škoda’s home country, is its second strongest market. Here, the car manufacturer delivered approximately 20,300 vehicles in the first quarter of 2024 (+0.5%), maintaining a clear leadership position with a market share of 35.2%. The United Kingdom ranks as Škoda’s third largest market, with deliveries increasing nearly 9% YoY to 18,400 vehicles from January to March. The brand’s top ten markets in the first quarter also include Poland (15,000 units; +15.3%), Turkey (10,200 units; +14.5%), Italy (9,600 units; +13.7%), France (9,200 units; +9.6%) and Spain (8,600 units; +18%).

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