Ssangyong Motor, H1 Sales Reach 1.4218 Trillion KRW... 24% Increase YoY

[Asia Economy Reporter Yoo Hyun-seok] SsangYong Motor announced on the 16th that its sales in the first half of this year reached 1.4218 trillion KRW, an increase of 23.8% compared to the same period last year.

Sales volume was 47,709 units, up 18.3% from the same period last year. Strong sales were seen in improved models such as the New Rexton Sports & Khan.

Profit and loss performance also improved significantly as the increase in sales from the recovery was compounded by cost reduction effects from ongoing additional self-help efforts. Operating loss in the first half of this year was 59.1 billion KRW, sharply down from 177.9 billion KRW in the same period last year. Net loss also decreased from 180.5 billion KRW to 30.3 billion KRW.

In particular, the operating loss is at its lowest level since the first half of 2018, before SsangYong Motor entered corporate rehabilitation procedures, when it was 38.7 billion KRW. Net loss was also the lowest since the first half of 2017, when it was 17.9 billion KRW. The improvement in performance reflects increased sales from the recovery trend, sales growth due to changes in product mix, and cost reduction effects from ongoing self-help efforts.

Currently, SsangYong Motor is receiving favorable reviews as the Torres is creating a sensation in the market, with contract volumes exceeding 50,000 units. Last month, the company switched to a two-shift system and implemented weekend overtime during vacation periods, while making every effort to operate the production line through close cooperation with parts suppliers.

A SsangYong Motor official said, “Along with increased sales volume in both domestic and export markets, profits and losses are also improving significantly through self-help efforts. Since the Torres, launched in July, is receiving favorable reviews in the market and sales are on the rise, we will increase sales volume through the establishment of an all-out production system and further improve the financial structure.”