▪ Ssangyong reports sales volume of 32,915 units and revenue of 760.4 billion won, a 10.2% and 11.9% decline respectively compared to same period last year
▪ Driven by Tivoli, its domestic sales crossed the 20,000-mark for the first time in ten years since 2005 up by 25.7% over same period last year
▪ Ssangyong will focus on meeting backorders for Tivoli, which have expanded quickly based on its popularity
Ssangyong Motor (CEO Choi Johng-sik;www.smotor.com), part of the Mahindra Group, today announced that the company sold a total of 32,915 units including 21,107 units in the domestic market and 11,808 units (including CKD) in exports recording revenue of 760.4 billion won, an operating loss of 34.2 billion won and a net loss of 31.2 billion won.
Helped by the Tivoli, its domestic sales increased to 21,107 units, up by 25.7% from a year earlier. It crossed the 20,000 units mark for the first time in 37 quarters (approximately ten years) since Q4 2005 (22,244 units). The Tivoli led the sales momentum in Q1 by posting over 8,000 units of sales and brought a new sensation to the small SUV market. Consequently, Ssangyong achieved a market share of 5.2% in the overall domestic market and 17% in the competitive market in Q1 2015.
However, Ssangyong’s exports decreased by 40.6% over same period last year due to declining exports to the main overseas market of Russia.
Nonetheless, its exports are showing a gradual recovery. With the start of Tivoli shipments, Ssangyong’s monthly exports in March crossed the 5,000 units mark in five months since last October (6,143 units) showing a rise of 63.4% from the previous month.
Despite an sales increase in the domestic market thanks to the launch of Tivoli, the decline in exports resulted in a bigger quarterly loss in overall sales and revenue, which declined by 10.2% and 11.9% respectively year-on-year.
The company reported an operating loss of 34.2 billion won, and a net loss of 31.2 billion won, which is larger compared to the same period last year.
However, with the launch of Tivoli in overseas markets and the expected launch of the Tivoli diesel model, its sales volume and the financial performance are expected to improve.
Choi Johng-sik, CEO of Ssangyong Motor, commented, “After the launch, the Tivoli is rapidly taking the market and growing in numbers,” adding, “We will focus on expanding the supply of Tivoli to meet increasing demand in the domestic and overseas markets and prepare for the successor models.”