Škoda Auto Reports Record 2024 Results, Eyes Indian Expansion

Mladá Boleslav, Czech Republic – Škoda Auto announced record financial and sales results for 2024, achieving a sales volume of 30.1 billion euros and an operating profit of 2.5 billion euros. The company delivered over one million vehicles to customers, solidifying its position as the third best-selling brand in Europe.

Record Financial Performance

Škoda Auto’s 2024 performance represents an 8.3 percent increase in sales and an 8.6 percent rise in operating profit compared to the previous year. The return on sales remained strong at 8.3 percent. This success comes despite navigating challenges such as withdrawing from the Chinese market and Russia, previously significant markets for the automaker.

Strategic Cost Management and Engineering Excellence

According to Škoda Auto Chairman of the Board Klaus Zellmer, the company’s success is attributed to a cost-effective model, motivated workforce, and strong engineering capabilities. “People often question us how Škoda manages to differentiate itself from other car companies that are having problems right now,” Zellmer stated. “We have an extraordinary cost-effective model, motivated people and excellent engineers.”

Navigating Regulatory Changes and Electrification

Škoda Auto is well-positioned to meet CO₂ emission standards, benefiting from a change in regulations that now assess compliance over a three-year average rather than a single year. The company’s expanding portfolio of electric vehicles, including the Elroq, is contributing to this progress, with Škoda ranking as the third best-selling electric vehicle brand in Europe and the Elroq being the second best-selling electric model.

Focus on Indian Market Growth

Looking ahead, Škoda Auto is prioritizing growth in international markets, particularly India, to reduce its reliance on Europe, which currently accounts for 80 percent of its sales. The company doubled its sales in India in 2025, delivering over 70,600 vehicles, with the locally produced Kylaq model proving particularly popular. Škoda Auto also leads Volkswagen Group’s operations in India.

“India has the highest growth potential among large markets. Today it is the fourth largest automotive market in the world with the potential to go higher,” Zellmer explained. The company also has its sights set on expanding into Vietnam and the Middle East.

China and Russia Market Adjustments

Although Škoda Auto’s business in China is slowing, with current sales between 10,000 and 15,000 vehicles, the company has adapted to the loss of the Russian market following its withdrawal.

About Škoda Auto and Mladá Boleslav

Škoda Auto is a major automotive manufacturer based in Mladá Boleslav, Czech Republic, a city with a population of approximately 47,346 as of January 1, 2025. Mladá Boleslav is located in the Central Bohemian Region and is a significant center for the Czech automotive industry. The city also hosts international events, such as the Bohemian Series inline hockey tournament, at the Ško-Energo Aréna.