By Dominic Chopping
Spanish performance car brand Cupra aims to enter the U.S. market by 2030 and has begun talks with Penske Automotive Group over a potential collaboration in the country.
The brand belongs to Volkswagen's sprawling stable of marques, and since its 2018 launch has sold around 750,000 cars. Its line-up of conventional combustion engine, plug-in hyrbids and battery electric cars is currently available in just under 50 mostly European countries.
After a first major expansion overseas in 2022 when it entered Australia, Cupra said the next stage of its globalization efforts would focus on launching in the U.S., adding that a strong distribution and retail strategy is essential for success in the country.
"By entering into preliminary discussions with Penske Automotive Group, we are exploring opportunities with the best possible partner, one with the right distribution network," said Wayne Griffiths, Chief Executive of Cupra.
The launch will be directed at key states and it hopes to leverage synergies from Volkswagen's existing footprint by producing one of its models in the German group's existing factories in the region.
The final location for its headquarters and details of the specific model lineup will be announced at a later date, it added.
Cupra in the U.S. will be led by Bernhard Bauer, the former managing director of Cupra Germany.
The company said it has a brand value of $2.1 billion and more than 900 points of sale worldwide, including 9 flagship showrooms in Mexico City, Munich, Milan, Lisbon, Rotterdam, Sydney, Berlin, Paris and Madrid. In 2023 it delivered more than 230,000 vehicles.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 22, 2024 06:56 ET (11:56 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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