SEOUL– SsangYong Motor Co. said Thursday its sales fell 5.3 percent last month from a year earlier as the ongoing chip shortage hurt its production.
SsangYong Motor sold 8,282 vehicles in May, down from 8,750 units a year earlier, the company said in a statement.
Domestic sales fell 14 percent to 4,275 units last month from 4,956 a year ago, while exports rose 4 percent to 4,007 units from 3,854 during the same period, it said.
SsangYong was placed under a court receivership in April last year for the second time after undergoing the same process a decade earlier.
Its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor due to the COVID-19 pandemic and its worsening financial status.
SsangYong’s lead manager, the EY Hanyoung accounting firm, will receive bids from interested companies by June 24 in a new auction to find a new investor for the financially troubled carmaker.
From January to May, sales rose 25 percent to 39,610 autos from 31,660 units a year earlier.
SsangYong’s lineup consists of the Tivoli, Korando, and Rexton and Rexton Sports SUVs.
In March, it added its first all-electric model, the Korando e-Motion subcompact SUV, to its lineup to boost sales in the domestic market.
Source: Yonhap News Agency