William Malcolm

Skoda Auto’s Profits Plummet 54% In 2020

Škoda Auto’s operating profit fell by 54.4 percent to 765 million euros (CZK 20 billion) last year. Lower sales due to the covid-19 pandemic, exchange rate developments, and extraordinary emissions-related expenditures contributed to the decline. These adverse effects were partially mitigated by cost optimization.

Revenues of the Mladá Boleslav carmaker fell by 13.8 percent to 17.1 billion euros (447.8 billion CZK). Last year, Škoda delivered 1,004,800 cars to its customers worldwide, 19.1 percent less than in 2019. The most significant interest was in the Scala, Kamiq, and Octavia Combi models.

Production fell 24.3 percent last year to 941 million cars.

Škoda Auto operates three production plants in the Czech Republic but also produces in China, Russia, Slovakia, Algeria, and India, mainly through Group partnerships, as well as in Ukraine and Kazakhstan in cooperation with local partners. It operates in more than 100 markets.