SEAT S.A. shared its full 2023 financial results earlier today while also outlining its plans for the future. Part of its strategy includes bringing its Cupra EVs over to the US market, beginning with the all-electric version of the Formentor crossover as well as a larger SUV.
SEAT Cupra, S.A.U., better known as Cupra, is a high-performance brand founded in 2018 as a subsidiary of Spanish automaker SEAT, which itself has operated as a wholly-owned sub-brand of Volkswagen Group since the mid-’80s.
In line with much of the brands under the VW Group umbrella, Cupra has made public vows to go all-electric, promising three new EV models by 2025. That initial rollout includes an angry-looking electric hatchback called the Raval, derived from the UrbanRebel concept.
The Raval will join the all-electric Tavascan, which launches later this year, and the Born, Cupra’s first-ever BEV, in a lineup that has already adopted several plug-in hybrids that will pave the way for all-electric versions of existing models such as the Leon and Formentor (seen below).
Nearly one year ago to the day, we reported that the Spanish automaker was mulling entry into the US market in its quest to expand to a global EV brand. SEAT Cupra CEO Wayne Griffiths spoke at the time:
As far as our ambition of being truly global, we are currently analyzing a possible entry into the North American market. At the moment, we are testing our brand with potential clients; we think Americans would love Cupra’s design and great performance.
During a presentation earlier today, Griffiths took Cupra’s ambitions a step further, confirming plans to sell EVs in the US by the end of this decade.
Cupra plans to enter US market before end of the decade
After reporting an all-time high operating profit for 2023 and record Cupra deliveries, SEAT executives outlined the Spanish automaker’s vision for the future to maintain such profitable growth. Much of that will rely on its performance brand and its transition into BEVs.
The release describes 2024 as the beginning of Cupra’s most extensive product offensive, promising the launch of “new heroes for a new era.” In addition to new BEV and electrified models, globalization remains a crucial target in the brand’s future strategy. Furthermore, those expansions do, in fact, include the sale of Cupra EVs in the US. Per SEAT S.A. CEO Wayne Griffiths:
By the end of the decade CUPRA will be entering the US market. We plan to launch with the battery electric version of the Formentor and a bigger electric crossover SUV. That crossover SUV will be produced at Volkswagen Group factories in the North America region, including Mexico. Initially, CUPRA will launch in selected states in the East and West coasts and the Sun Belt states. This will be done through a new distribution model.
If and when Volkswagen Group facilities assist in producing Cupra EVs for the US market and other parts of North America, it will join SEAT’s existing production commitments in Spain as part of a $3.2 billion investment announced in February 2023. That facility will be home to production of the aforementioned Cupra Raval and the Volkswagen ID.2All.
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