New Models Lead Revenue Growth
SsangYong Motor Co., part of India’s Mahindra Group, announced on April 29 that the company recorded its highest-ever Q1 revenue in 2019 as its business performance continues to improve.
SsangYong Motor sold a total of 34,851 units in the first quarter of 2019 to post a revenue of 933.2 billion won, an operating loss of 27.8 billion won, and a net loss of 26.1 billion won.
SsangYong’s Q1 sales and revenue have increased 13.7 percent and 15.4 percent, respectively, over Q1 2018 and its operating loss slightly decreased, helped by the successful launch of new models such as the Rexton Sports Khan and Korando.
In particular, the company’s Q1 domestic sales recorded its best-ever first quarter performance in 16 years since Q1 2003 on the back of the two competitive brand-new models, Its Q1 exports also increased 12.4 percent year-on-year.
The company’s Q1 revenue also posted the highest-ever Q1 figures since the establishment of the company, up 15.4 percent year-on-year, helped by a new product mix and the strong sales growth of the Rexton brands which accounted for 50.8 percent of total sales.
As a result, its operating loss has slightly decreased on year despite an increase in depreciation due to an expansion in the development of new products and new technologies, as well as an increase in operating expenses.
Following the launch of the Rexton Sports Khan, SsangYong Motor is starting its global launch of the Korando and will further improve its business performance by expanding its global presence through new product lineups and by strengthening its presence in emerging markets.
Yea Byung-tae, CEO of SsangYong Motor, commented, “With the launch of the new models in the first quarter, the company has achieved its highest Q1 revenue in its history showing an improvement in its business performance,” adding, “We expect that the new product lineup will help us to expand global sales in new markets with high potential and help to improve our profitability.”