Ssangyong Motors recorded sales of 113,960 units, revenue of 3.4233 trillion KRW, an operating loss of 112 billion KRW, and a net loss of 60.1 billion KRW in 2022.
This performance reflects a significant improvement in loss compared to 2021, driven by a general increase in sales from both domestic and export markets, along with cost-cutting efforts through self-reform.
Sales saw a consistent upward trend, thanks to the launch of improved models like the New Rexton Sports & Khan, as well as the new Torres, marking an increase for eight consecutive quarters since the first quarter of 2021, with a 34.9% rise compared to 2021.
In the fourth quarter of last year, with the conclusion of the corporate rehabilitation process and the new start as a family company under the KG Group, customer trust was restored, resulting in record quarterly sales and surpassing 1 trillion KRW in quarterly revenue for the first time in four years, since the fourth quarter of 2018 (1.0527 trillion KRW).
Moreover, the financial results reflected a reduction in losses compared to 2021, thanks to improved cost structures and optimized sales management expenses derived from internal health improvements focused on profitability.
Annual operating losses decreased from 261.3 billion KRW in 2021 to 112 billion KRW, and net losses dropped from 266 billion KRW to 60.1 billion KRW, marking the lowest levels since before entering the corporate rehabilitation process in 2018.
Ssangyong Motors stated, “Having restarted as a family company under the KG Group in the last quarter of the previous year, we experienced record sales and surpassed 1 trillion KRW in revenue, marking a significant improvement in our loss compared to 2021 due to the rising sales trend and cost-cutting effects. This year, we will continue to strengthen our global market strategy through the launch of new vehicles like the U100, improvements to existing models, and the global launch of the Torres as well as expansion into emerging markets, all while enhancing our financial structure through increased sales volume and a robust production system.”
Lee Sang-jin daedusj@autodiary.kr