▪ Sales increase of Musso contributes to reduction in loss in Q2 over previous quarter
▪ Company ranks No. 3 in Korean market thanks to robust domestic sales; witnessing recovery in exports thanks to new launches
▪ SsangYong to increase production of Muso to resolve backorders, and to expect better performance in H2
SsangYong Motor Company (CEO Johng-sik Choi; www.smotor.com/en) announced that the company has sold 67,110 units, posted revenue of 1,750.6 billion won, an operating loss of 38.7 billion won, and a net loss of 39.6 billion won in H1 2018.
H1 Revenue increased by 3.5% year on year thanks to the strengthened product lineup following the launch of the Rexton Sports (export: Musso). However, the operating loss increased year-on-year due to a decline in sales and an increase in depreciation and amortization expenses due to the new launch.
In the domestic market, the company rose to third place in the auto industry thanks to strong sales of the Tivoli and Rexton brands.
Musso is leading the company's sales growth in the domestic market. The model has renewed its monthly sales records repeatedly based on expanding production volume, and is revitalizing the SUV market since its launch in January.
In Q2 2018, the company's operating loss is 7.5 billion won, much lower than 31.3 billion won operating loss in Q1 2018 thanks to the increased supply of the Musso.
In the overseas market, the company's Q2 exports were up by 27.6 % year on year, showing a remarkable recovery by aggressively entering into the emerging markets.
Based on the performance improvement in Q2, it is expected that H2 business will be much better with higher production of the Musso, leading to resolution of backorders in the domestic market and higher export volumes.
Johng-sik Choi, CEO of SsangYong Motor Company, commented, "The Tivoli and Rexton brands are playing a strong role in boosting our domestic sales", adding "We expect that the business performance will be improved further in the second half of the year as the company is increasing the production volume of the Musso to resolve its backorders."