Rolling Well
SsangYong Motor Company, part of the Mahindra Group, today announced on Nov. 1 that the company sold a total of 13,728 units in October 2016 – 9,450 units in domestic sales and 4,278 in exports.
SsangYong’s October sales grew by 2.8% compared to the same month last year, exceeding 13,000 units in five months since June 2016 (14,167 units) when its global sales hit a record high this year as the government’s individual consumption tax cut had been implemented.
In terms of the Tivoli brand models, the sales in the first ten months of this year already surpassed 2015 annual sales (63,693 units), up 35.8% over the same period last year to 68,618 units. Thanks to such strong sales of the Tivoli brand models, SsangYong’s global sales in January-October increased by 7% year-on-year.
Its domestic sales, which play a key role in the company’s growth, reached the second highest level of 9,450 units this year, exceeding 9,000 units in five months since June 2016 (9,750 units) thanks to sales recovery of the Tivoli brand models to 5,400 unit level.
Its October domestic sales surged by 18% from the previous month while they slightly dropped from the same month last year. However, the sales rose to a 4-month high since July and its January-October sales maintained the uptrend with an increase of 5.2% over January-October 2015.
In the overseas market, exports of the Tivoli brand models surged by 36% over October 2015. It contributed to a rise in SsangYong’s October exports, up 27.7% year-on-year. Its January-October exports increased by 10.7% compared to the same period last year.
In particular, SsangYong’s exports to the European market jumped over 20% compared to the same month last year and its exports to emerging markets including Iran showed a significant growth helped by strong sales of the Tivoli brand models.
SsangYong restarted shipping some models to the Russian market, where the company has suspended car shipments since January 2015, including the Korando C in September and the Tivoli brand models in October.
Choi Johng-sik, CEO of SsangYong Motor Company, commented, “SsangYong achieved its highest monthly sales in October since June helped by sales uptrend for four consecutive months thanks to upgraded models,” adding, “We will achieve our sales target of this year by posting highest ever quarterly sales in the fourth quarter of 2016.”