KG Mobility announced that it recorded ▲Sales of 56,565 units ▲Revenue of 1.9866 trillion won ▲Operating profit of 25.7 billion won ▲Net profit of 86.5 billion won in the first half of this year.
Despite the decline in domestic sales, these results reflect increased export volumes driven by new product launches and the sales of the Torres EVX, which provided a credit against CO₂ penalties, leading to consecutive quarters of operating profit since the first quarter. The company also recorded net profit benefits from exchange rate and stock price fluctuations.
This mid-year profit marks the second consecutive year of profitability following a return to profit in the first half of 2022, after seven years since the first half of 2016. Since its re-establishment as KG Mobility, the company has been laying the groundwork for normalized management through various product improvements and new model launches while maintaining a profitable trend.
Sales in the first half totaled 56,565 units, consisting of 23,978 domestic sales and 32,587 exports, reflecting a 13.2% decrease compared to last year (65,145 units). However, exports showed a remarkable increase of 24.5% compared to last year’s record of 9 years, due to aggressive market responses such as exploring new markets and strengthening marketing for various new model launches.
In March, KGM conducted test drives of the Torres EVX and other models in Turkey and New Zealand. In June, the company ramped up its export markets by launching new cars and strengthening local marketing in regions such as New Zealand and Paraguay.
To expand domestic sales, KGM launched three taxi models, the New Torres and Torres EVX, alongside the Korando EV, in May. In June, they opened the KGM Experience Center in Ilsan, offering consumers various driving experiences, thereby enhancing customer interaction and addressing customer needs proactively.
On the 15th, the design of the Action was revealed, and within the first day of pre-orders, it exceeded 16,000 units, surpassing 35,000 units within a week, receiving positive market responses and marking a new chapter in KGM’s history.
An official from KGM stated, “By maintaining a profitable trend for two consecutive quarters since the first quarter, we are building a foundation for normalized management after re-establishing as a KG family business. With the positive reception of the Action, which started pre-orders last July, we will further enhance our sales volume and improve our financial structure through differentiated marketing strategies and effective market responses.”
Lee Sang-jin daedusj@autodiary.kr