Spanish car company, SEAT registers €48 million loss in March alone

SEAT have made staggering losses since the start of the coronavirus crisis.

The car company, owned by Volkswagen registered a loss of €48 million in March alone.

When that’s compared to March of 2019, the results are even more dumbfounding, as last year SEAT made a profit of €89 million in March alone.

That represents a swing of €137 million.

The Spanish car manufacturer attributes this significant loss to the closure of the Martorell factory for 40 days.

Their quarterly income has also fallen by 16.2% to €2,558 million, even though the first two months were registering record results.

SEAT, with the exception of MAN SE was the manufacturer that registered the worst results among the entire Volkswagen group.

The German group as a whole has seen its profits decrease by 91% due to the pandemic as well.