Škoda’s net profits fell by more than half last year, but board expects things to improve in 2021

Car manufacturer Škoda Auto’s non-consolidated net profit fell by 52 percent to CZK 15.2 billion last year, the company announced at its annual press conference on Wednesday. Meanwhile, non-consolidated revenues fell by 7.6 percent to CZK 424.3 billion.

Car sales accounted for 81 percent of total revenues, with component deliveries making up 10.6 percent followed by the trade in car accessories which composed 5 percent of revenues.

Škoda board member Klaus-Dieter Schürmann said the company expects it will fare better in 2021. The company plans investments worth EUR 2.5 billion in the next five years, with most of the money going into electro-mobility and digitisation.