Ssangyong Motor announced on April 22 that it sold a total of 32,915 cars – 21,107 units in the domestic market and 11,808 units in overseas markets – in the first quarter.
During this period, the company recorded 760.4 billion won (US$701.93 million) in sales, 34.2 billion won (US$31.57 million) in operating losses, and 31.2 billion won (US$28.8 million) in net losses. Thanks to the launch of its popular Tivoli compact utility vehicle, domestic sales grew 25.7 percent from a year earlier. However, its exports dropped.
Ssangyong Motor attributed the popularity of the Tivoli, which has sold 8,000 units in the first quarter alone, to the growth in domestic sales. The company’s sales amounted to 21,107 units in the first quarter, which is the highest figure in 10 years after it recorded 22,244 units in the fourth quarter in 2005. Accordingly, Ssangyong Motor’s domestic market share slightly increased to 5.2 percent in the first quarter.
Due to the decreased demand in the main markets, including Russia, exports decreased 40.6 percent from a year ago. After beginning the export of the Tivoli in March, however, the company sold more than 5,000 units this month, just five months after it sold 6,143 units in October last year, showing a 63.4 percent increase from the previous month.
The company expects its bottom line to improve in the future, since it will start selling its Tivoli in overseas markets and releasing its line-up of the diesel models soon.