Ssangyong Motor posted a deficit for the second consecutive year last year due to rising costs resulted from reduced exports, despite its record-high sales.
Ssangyong Motor made an announcement on Jan. 31 that it recorded 143,309 units of sales, sales of 3.7 trillion won, operating loss of 64.2 billion won, and net loss of 61.8 billion won last year.
"With the continued sales of the Tivoli brand and the successful settlement of the Rexton Sports, domestic sales have grown for the ninth consecutive years, making the biggest sales since its inception. However, it posted an operational loss owing to a reduction in exports," said a Ssangyong official.
Ssangyong Motor plans to drastically improve its profitability by achieving its biggest sales goal this year, as the Rexton Sports Khan, which was launched in January, has gained good reputation and Korando is also expected to unveil this year.
"We are trying to post a surplus by attaining our biggest sales performance this year as our line-up of all-purpose sports utility vehicles (SUV) will be completely refreshed with the release of Korando," said CEO Choi Jong-sik.