SEAT posted an operating loss of 217m (£181.7m) for 2013, down from a £134m loss in 2012.
The mounting losses came despite turnover rising 6.3% to reach 6,473m (£5,420m), the highest recorded in the manufacturers history.
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The company blamed the losses on fierce market competition in Western Europe, driven by the economic situation in the Continent, which resulted in diminished revenue per unit.
Earnings after tax also fell, from 39m worth of loses to 149m worth of losses.
However earnings before interest, tax, depreciation and amortization grew 73%, to 221m and operating cash-flow went up 70%, to 358m.
Much of SEAT’s money has gone into research and development (R&D) and the company said it had invested 2,600m in R&D since 2007. For the first time since that year, investments were fully covered by operating cash flow.
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By GlobalDataSeat sold 355,000 vehicles in 2013, up 10.6% year-on-year, with the Leon model providing 102,000 of these sales, up 44.4% year-on-year.
Commenting on the result, SEAT president Jürgen Stackmann said "Economic difficulties persist in our business environment and we are facing several challenges, both as a sector and as a company. But SEAT has a stronger financial basis than before and a clear strategy for the future that builds on the success of the Leon formula."
