Seoul, South Korea - KG Mobility, previously known as SsangYong Motor Co., reported a 51 percent decline in its sales for the month of October compared to the same month in the previous year, attributing the significant drop to reduced vehicle production.
According to Yonhap News Agency, the company’s official statement, KG Mobility sold a total of 6,421 vehicles in October, a steep decrease from the 13,156 units sold in October of the prior year. The company experienced a 52 percent plummet in domestic sales, selling 3,804 units as opposed to the 7,850 units sold in the same month of the previous year. Exports also suffered, with a 51 percent drop to 2,617 vehicles from 5,336 in the corresponding period.
The statement elaborated that the reduced vehicle production was due to ongoing integration processes at the Pyeongtaek plant involving the No. 2 and No. 3 assembly lines. This integration led to a sharp decrease in the number of vehicles available for sale. Additionally, the statement pointed out that an extended economic slowdown has negatively impacted consumer sentiment, even with the launch of new models like the Torres EVX SUV.
Despite the challenges faced in October, the company’s sales from January to October experienced a 10 percent increase, totaling 102,640 autos compared to 93,344 units in the same period last year. During these first 10 months, domestic sales saw a 3.4 percent decrease to 54,788 units from 56,725 in the previous year, while exports experienced a 30 percent increase to 48,032 from 36,919.
KG Mobility's current product lineup is SUV-focused, including models such as the Tivoli, Korando, Rexton, Rexton Sports, and Torres SUVs. In September, the company expanded its offerings with the introduction of the Torres EVX SUV, a battery-powered model equipped with a lithium iron phosphate battery system capable of traveling more than 420 kilometers on a single charge. This addition followed the launch of the Korando Emotion, the company’s first battery-powered model, introduced to the domestic market in February 2022.