Cupra is selling more than ever, but earning almost nothing. Where is the money going?
SEAT & CUPRA posted just €6 million in operating profit for the first nine months of 2026, even though Cupra delivered more than 250,000 cars. The problem: EV margins.
Cupra delivered more than 250,000 cars in the first nine months of the year, a new record. Yet SEAT & CUPRA reported an operating profit of only €6 million, down 59.3% year on year, on revenue of €11.1 billion. The explanation, according to the official release of 30 October 2026: EVs are selling faster than the company expected, but they make less money.
What the company reported
In the third quarter, EV sales accelerated beyond expectations in markets such as Germany, France and Denmark. The company says it must reach margin parity between EVs and petrol cars while selling fewer of its more profitable combustion models. Launching Cupra's 2026 EV line-up was expensive, and SEAT & CUPRA is no longer the only Volkswagen Group brand beating CO2 targets, so it earns less from selling emissions credits internally.
Raval: the best launch in Cupra's history
The Cupra Raval, the compact EV built in Martorell, took more than 51,000 orders between April and September, the most successful launch in the brand's history. Cupra is also preparing to enter the Middle East and is targeting a 3% share in Europe.
What the bosses said
"We now need to focus and work on improving our margins for fully electric vehicles," said CEO Markus Haupt. CFO Patrik Andreas Mayer was blunter: low profitability "is seriously threatening our ability to invest in our future", and planned investments will be reprioritised.
What it means for drivers
In the short term, strong Raval demand and cost cuts mean aggressive deals may become rarer. In the long term, margin pressure pushes carmakers to make EVs cheaper to build, which can eventually show up in prices. If you want a Raval, keep an eye on delivery times and local offers.
