Report: VW CEO says Seat getting its last chance

It's no secret that Seat is the dimmest bulb in the Volkswagen classroom. The beleaguered Spanish manufacturer squandered a total of $138 million in the first quarter of this year alone – more than double what the next two least profitable brands in the German manufacturer's lineup lost. In a last-ditch effort to get Seat back on its feet, VW has announced that it will both expand the company's offerings and spread the brand outside of Spain. The plan is the brainchild of James Muir, the company's new CEO as of September of last year.

Many of the problems currently afflicting Seat are due to the fact that Spain's economy has taken a beating during the global recession. Likewise, most of the company's sales come from Southern Europe – an area that hasn't fared well amid the financial crisis. VW hasn't said exactly where the Seat name will be showing up in the near future, but you can bet your lucky underpants it will be somewhere with a little extra money in its pocket.

Likewise, the company didn't say much about what we can expect in terms of new models. According to Bloomberg Businessweek, a total of 56 percent of Seat sales come from the Ibiza compact, and Muir says that if the automaker's outlook is to improve, that needs to change.

[Source: Bloomberg Businessweek]