Research and Development Costs of SKODA Auto
How much does SKODA spend on research and development?
SKODA spends a large amount on research and development each year. It is because improving the existing vehicles to meet customer demands and ever changing nature of customer preference is essential for survival in a highly competitive market. Customer preferences are changing day by day and they want not just more fuel efficient but also safer and technologically improved vehicles. It is why, each year a large sum at SKODA goes to research, design and development of new products. In 2017, the brand spent 15.4 Billion CZK or 753 million US dollars on Research and development. The amount spent by SKODA on research and development has grown by 1.5 times in the last three years. In 2014 and 15, it spent close to 500 million US dollars on research and development of new products. Check out the table below for the R&D costs of SKODA over the last five years.
SKODA R&D costs 2013-2017 (in Bn CZK and Mn USD)| Year | R&D costs CZK Bn | R&D costs USD Mn |
|---|---|---|
| 2013 | 6.7 | 327.6 |
| 2014 | 10.2 | 498.7 |
| 2015 | 10.3 | 503.76 |
| 2016 | 10 | 489 |
| 2017 | 15.4 | 753.2 |
Sources:
https://www.volkswagenag.com/en/InvestorRelations/news-and-publications/Annual_Reports.html