SsangYong Motor Sales Report For January - March 2014

SsangYong, the Mahindra-owned South Korean premium SUV manufacturer has reports of a healthy first quarter of the 2014 calendar year. The company sold 36,671 units during this period, of which 19,874 units were exports.

The revenue generated during this period was 862.6 billion Korean Won ($836.72 million), with an operating loss of 800 million Korean Won ($776,000), which is a drop of 95.5 percent. Net current profit of 10.7 billion Korean Won was reported.

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SsangYong drop in operating can be largely credited to growing sales outside of its home country. The company posted a 17.3 percent increase in sales volume and 14.5 percent increase in revenue, compared to the same period last year. This helped the company reduce its operating loss by 95.5% and post a net current profit.

Sales in Korea also improved by 26.4 percent during this period, compared to the corresponding period last year. The New Korando C was the best selling model in Korea, followed by the Korando Sports and Rexton W, both of which grew by more than 30 percent over the same period last year.

The new Korando C performed the best overseas as well, contributing to the 10.6 percent increase in exports, helped by the New Actyon and New Rodius models.

Ssangyong says that "it will prepare itself for future changes in the market by adopting a differentiated marketing strategy to attract more demand and by expanding in newly emerging markets."

According to Mr. Lee Yoo-il, CEO, Ssangyong Motor, "Our sales in Q1 grew for three consecutive months, which helped improve the company's profits substantially. In light of the growing uncertainties surrounding the business environment, we will continue to build up our competitiveness, including productivity improvement to further increase the profitability of the company."

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