First Half of Year
KG Mobility has returned to profitability for the first time in seven years with its best-ever first-half performance in the first half of this year. The automaker gave credit for its popular Torres model, which showed brisk sales.
KG Mobility announced on Aug. 2 that it sold 65,145 units in the first half of this year, posting 2.0904 trillion won in sales, 28.2 billion won in operating profit, and 34.5 billion won in net profit. Following the first quarter, both its operating profit and net profit turned positive in the second quarter. This marked the first time in seven years that the automaker has been profitable in the first half since 2016.
Its sales also topped 1 trillion won in the second quarter, the largest-ever for a first half. They also climbed 36.5 percent year on year, the sharpest in four years since the first half of 2019 (72,277 units). The company has started exporting its Torres flagship model to Europe while also seeing increased domestic demand, resulting in sales of 28,580 units in the global market.
KG Mobility recently organized test drive events for the Torres in regions such as Africa and the Middle East. New model launches also continued steadily. In May and June, the Korean carmaker introduced enhancement models -- the Lexus New Arena, the Rexton Sports & Khan Culmen, and the New Tivoli. The Torres EVX, the first electrified model of KG Mobility, is also expected to hit the market this September.