KG Mobility announced that in 2023, it recorded sales of 116,099 vehicles, revenue of 3.78 trillion Korean Won, operating profit of 5 billion Won, and net profit of 1.2 billion Won.
This performance is attributed to the efforts in improving internal management structures for productivity enhancement and cost reduction, along with aggressive exploration of new overseas markets to boost export volumes. This marks the first time since 2007 that the company has recorded a profit solely from operating results after 16 years.
In 2023, sales totaled 116,099 vehicles, consisting of 63,345 units sold domestically and 52,754 units exported, a 1.9% increase compared to 2022. The revenue reached 3.78 trillion Won, representing a 10.4% increase from 2022 due to improved product mix, achieving the highest annual sales since the company’s inception.
Notably, exports saw a significant boost, driven by the launch of new models centered around the Torres in markets such as Europe, Latin America, and the Asia-Pacific region. This resulted in the highest export performance in 9 years since 2014, with a 16.5% year-over-year increase.
The company’s profits also improved significantly after integrating into the KG family, thanks to efforts in productivity enhancement among employees and increased export volumes, achieving operating profits of 5 billion Won and net profits of 1.2 billion Won.
Celebrating its 70th anniversary this year, KGM aims for this year to be a year of leapfrogging towards its centennial goals. The company plans to strengthen its internal restructuring efforts, solidify the KGM brand in domestic and international markets, and expand global sales through new car developments, including electric pickup trucks, and enhancing its KD business.
KGM CEO Jung Yong-won stated, “Having successfully turned around in just over a year since starting anew as the KG family, we will transform into a company that achieves sustainable growth this year.”
By Lee Sang-jin daedusj@autodiary.kr