KG Mobility succeeded in turning its operating profit positive in the first quarter of this year. KG Mobility, which recorded an operating loss of 29.8 billion KRW in the fourth quarter of last year, returned to an operating profit of 15.1 billion KRW in just one quarter, thanks to increased exports.
On the 22nd, KG Mobility announced that it recorded sales of 1.0018 trillion KRW, an operating profit of 15.1 billion KRW, and a net profit of 53.9 billion KRW in the first quarter. Although sales decreased by 7% compared to the same period last year, operating profit and net profit turned positive.
This performance was the result of increased export volume, improved productivity and cost reduction, CO₂ penalty refunds from the sales of the electric vehicle Torres EVX, and gains from the valuation of new stock acquisition rights.
Global sales in the first quarter were 29,326 units, down 16% from the previous year. Domestic sales in the first quarter decreased compared to the previous year as the new car effect of Torres faded, but exports increased by nearly 40% year-on-year.
The export record of 17,114 units in the first quarter is the highest quarterly performance in 10 years since 2014. To increase export volume, KG Mobility held test drive events for Torres and Torres EVX in Turkey and New Zealand.
KG Mobility stated, "Along with strengthening our global market presence, we will expand sales and improve our financial structure through the launch of various new models such as the Korando EV and coupe-style products."
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