Kolon Mobility Group's First Earnings Report... Sales 2.4 Trillion KRW, Operating Profit 45 Billion KRW

BMW New Car and SUV Effect

Kolon Mobility Group achieved sales exceeding 2 trillion won in its first year since launch. The strong performance of BMW new cars and sport utility vehicles (SUVs) was cited as a key factor.

On the 30th, Kolon Mobility Group announced preliminary results for 2023, recording sales of 2.403 trillion won and an operating profit of 45 billion won. Net profit for the period was reported at 19.4 billion won.

New car sales reached 27,584 units, a 2.6% increase compared to the previous year. Despite the impact of interest rate hikes, the launch of the new BMW 5 Series mid-size sedan in the second half and strong demand for high-priced SUVs drove the sales growth. Kolon Automotive, a subsidiary operating the Volvo car dealer business, achieved its highest sales since the corporation’s establishment, alongside Volvo Car Korea, which posted record results last year.

Certified used car sales increased by 9.8% year-on-year to 3,923 units. This was attributed to expanding purchase volumes based on a nationwide network and offering reliable products. The automobile maintenance business maintained a steady state with similar intake volumes as the previous year.

Sales of premium audio products hit a record high since the start of the business. As the exclusive distributor of Bang & Olufsen, the company focused on expanding online and offline sales channels and securing a stable sales base. Additionally, BOSE increased its market share through aggressive promotional events alongside products launched in the fourth quarter of 2023.

Last year, Kolon Mobility Group announced a new brand, ‘702’, encompassing mobility services. Through this, it plans to expand its existing automobile distribution business into the service industry.

A Kolon Mobility Group official stated, "In the first year since launch, we laid the foundation for gradual growth in scale and profit resilience through strategic business restructuring, subsidiary system establishment, and investment in newly established corporations. In 2024, we will continue investing in future value and, having announced the new brand 702 last year, we will strive to provide customers with more innovative mobility services."