KG Mobility achieved impressive performance in the first quarter with sales of 35,113 units, revenue of 1.085 trillion won, operating profit of 9.4 billion won, and net profit of 16.5 billion won.
This achievement was driven by increased sales volume and changes in the product mix due to the strong performance of the Torres, marking a record quarterly revenue exceeding 1 trillion won and a return to profitability.
While last year’s second quarter’s net profit (1.3 billion won) and fourth quarter’s standalone operating profit (4.1 billion won) were successful, it has been 7 years since the fourth quarter of 2016 that recorded both operating profit and net profit for a consecutive quarter.
Moreover, surpassing 1 trillion won in quarterly sales marks a historic achievement alongside previous highs of 1.06 trillion won in Q4 2016, 1.0527 trillion won in Q4 2018, and 1.0196 trillion won in Q4 2022.
Sales totaled 35,113 units, making it the highest first-quarter performance since Q1 2014 (36,671 units), reflecting a 50.8% increase compared to the same period last year.
In March, domestic sales reached 8,904 units, with Torres leading at 6,595 units sold, achieving the highest monthly sales record for a single model since November 2020 (9,270 units) after 28 months.
The increase in sales, alongside cost structure improvements, optimized sales management expenses, and profitability-centered product composition, facilitated operating profits of 9.4 billion won and net profits of 16.5 billion won.
This signifies a significant foundational turnaround for KG Mobility as it starts a new chapter following its rebranding.
In March, KG Mobility participated in the Seoul Mobility Show, displaying its e-mobility models such as the Torres EVX and design concept models like O100, F100, and KR10, alongside announcing its roadmap for electrification technology and new product launches, marking its leap towards becoming a mobility enterprise.
Additionally, it has established a separate special vehicle subsidiary, KG S&C, and officially launched operations last month, with plans to kick off a used car business in the second half of the year, aggressively pursuing global market penetration for export expansion.
KG Mobility stated, “The strong sales momentum of Torres along with cost-saving effects have enabled unprecedented quarterly sales, operating profit, and net profit post-rebranding, marking a critical foundation for turnaround. The successful launch of Torres EVX, alongside expanding global sales and pursuing various new business avenues, will fundamentally improve our financial structure and drive growth forward.”
By Lee Sang-jin daedusj@autodiary.kr