"Thanks to Torres?" Ssangyong Motor's Operating Loss Last Year Down 57% Year-on-Year

Lowest Level Since 2018 at 112 Billion Won

[Asia Economy Reporter Oh Gyumin] SsangYong Motor announced on the 21st that it recorded an operating loss of 112 billion KRW last year. This figure represents a 57% decrease compared to the previous year (261.3 billion KRW). Net loss also decreased from 266 billion KRW to 60.1 billion KRW. SsangYong Motor explained that this is the lowest level since 2018. Sales amounted to 3.4233 trillion KRW.

Last year, SsangYong Motor's sales volume reached 113,960 units, a 34.9% increase compared to the previous year. This marks the eighth consecutive quarter of growth since the first quarter of 2021, driven by improved models such as the New Rexton Sports & Khan as well as the rising sales of the new model, Torres.

In particular, they announced that in the fourth quarter of last year, along with the conclusion of the corporate rehabilitation process, they achieved ▲ the highest quarterly sales ▲ and surpassed 1 trillion KRW in quarterly sales for the first time in four years since the fourth quarter of 2018.

SsangYong Motor stated, “In the fourth quarter of last year, we started anew as a family company of the KG Group, achieving the highest quarterly sales and surpassing 1 trillion KRW in sales. Thanks to the sales growth and cost reduction effects, the scale of losses has greatly improved compared to 2021. This year, we will continue to improve our financial structure by increasing sales volume through the launch of new models such as the U100 and product-improved models, as well as the global launch of Torres and expansion into emerging markets, strengthening our global market strategy and establishing a full-scale production system.”