Six months after acquiring a new parent company, SsangYong has reported a profit for the first time in six years.
Troubled South Korean automaker SsangYong appears to have taken a turn after posting its first quarterly earnings in six years.
SsangYong sales grew 41.7 percent globally last year compared to a year earlier – amid a 59 percent increase in sales in the fourth quarter (October to December) of 2022 compared to the same period in 2021 – The Korea Economic Daily reports.
Of the 33,502 SsangYong vehicles sold in the last three months of 2022, nearly 12,000 were the brand’s new mid-size SUV Torres, which was only launched in June 2022.
Earlier this month, SsangYong chairman Kwak Jea-sun told media that the car company would drop its three-decade-old name to rebrand itself as KG Mobility.
“The name – SsangYong Motor – has a fan base with fond memories, but it also carries a painful image,” Mr. Kwak said at the time.
“From now on, all SsangYong cars will go out into the world under the KG name. Even with the name change, the history of SsangYong Motor will not change and [the company] will have the same conditions,” he said.
- The South Korean car brand SsangYong is renamed KG Mobility
- SsangYong has gone off life support after paying off AU$340 million in debt
- Tesla posted record global sales of more than 1.3 million cars last year
- Tesla dominates as Australian electric car registrations surge 118 percent
- The drop in showroom bow sales indicates a slowdown in the US market