Seoul: KG Mobility Corp. reported a notable decrease in its February sales, marking a 10.5 percent decline compared to the same period last year, primarily due to a drop in domestic demand.
According to Yonhap News Agency, the company announced that it sold 8,456 vehicles last month, a reduction from the 9,452 units sold in February of the previous year. While overseas sales saw a modest increase of 1.3 percent, reaching 5,780 units, the domestic market experienced a significant downturn, with sales plummeting by 28.6 percent to 2,676 units.
KG Mobility explained that the downturn in domestic sales was largely attributed to a temporary slowdown in demand as consumers anticipate the upcoming launches of the new Musso electric vehicle (EV) and the Torres hybrid model. The company remains optimistic about future prospects, with plans to boost sales volumes through the introduction of new and upgraded models, expanding its global market presence, and enhancing its domestic market strategy.