Skoda Auto production line

William Malcolm

Skoda Profit Nearly Doubles To 900 Million Euros

In the period from January to September, Škoda Auto almost doubled its operating profit to 900 million euros (approximately 23 billion CZK) from 469 million euros a year ago. The favorable development of exchange rates and margins contributed to the growth in operating profit. The parent company Volkswagen announced this in its results report today.

In the first three quarters of this year, Škoda Auto’s revenues increased to EUR 13.329 billion (approximately CZK 343 billion) from EUR 12.038 billion in the same period last year. Sales volumes remained almost unchanged at around 596,000 cars, according to a Volkswagen report.

In the results report, the parent group pointed to strong demand for the Škoda Kamiq and Karoq sports and utility models. He pointed out that the Škoda Enyaq iV electric car was also very popular among customers.

The automotive industry around the world was hit hard last year by the covidu-19 pandemic, which had an impact on production activities and demand. This year, the carmakers are facing a shortage of components, especially chips. This is now disrupting the production activities of Škoda Auto.

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