MARTORELL, Spain — Cupra, Seat’s high-performance subbrand, is counting on the new Leon and Formentor models to help it reach 1 billion euros ($1.1 billion) in revenue, Cupra CEO Wayne Griffiths said, an increase of more than 50 percent from 2019’s total of 650 million euros.
Griffiths, who is also Seat's head of sales and marketing, Volkswagen Group's Spanish brand, said Cupra was aiming to reach the revenue target “in a very short time.”
Griffiths spoke at the introduction of the Cupra Leon at the brand's new headquarters in Martorell, near Barcelona, where Seat’s Spanish factory is located. Seat versions of the new Leon were first shown in January.
The Cupra Leon will be available with a plug-in hybrid powertrain to give it a 60-km (37-mile) range propelled by electric power alone. It will go on sale in Europe in the fourth quarter of 2020.
The five-door hatchback will debut with a 296-hp gasoline engine, followed shortly by a 242-hp version and the plug-in hybrid version. The Sportstourer station wagon will debut with a 305-hp gasoline engine with four-wheel drive, followed by the plug-in hybrid, and a 242-hp version in early 2021.
Cupra did not announce prices for the new Leon.
Two racing models were also unveiled in Martorell: the Cupra Leon Competition, which will take part in the TCR championship; and the final version of the Cupra e-Racer, whose concept was shown at the Geneva auto show in 2018. Cupra confirmed it will take part in the Pure ETCR electric car championship, which will start in 2021 after a series of exhibitions this year.
Cupra became a stand-alone brand in 2018 under former Seat CEO Luca de Meo. Previously the Cupra name was used on performance versions of Seat models.
Last year, Cupra sold 24,700 cars, mostly in Europe, an increase of 72 percent from 2018.
The top seller was the Leon compact car, with around 15,000 sales, followed by the Ateca compact SUV, with around 10,000 sales. Cupra’s biggest market in 2019 was Germany, with 10,000 sales, Griffiths said; followed by the UK, Spain, Switzerland, France and Austria.