With a extra steady footing due to a brand new proprietor, as soon as beleaguered SsangYong has fought again to put up its first quarterly working revenue since 2016.
The automaker has bounced again, reporting to Korean media a 4.1 billion gained (A$4.78 million) working revenue within the ultimate quarter of 2022.
Within the ultimate quarter of 2021, SsangYong posted a lack of 21.Three billion gained (A$24.84 million).
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Working losses additionally shrunk from 260.7 billion gained (A$304 million) to 117.5 billion gained (A$137 million), a discount of 54.9 p.c.
Globally, SsangYong’s gross sales had been up 35 p.c from 84,496 to 113,960 models.
Gross sales in Korea had been up by 50 p.c, attributed to demand for the brand new Torres SUV that is set to succeed in Australian shores someday this yr.
SsangYong bought 11,909 Torres SUVs within the fourth quarter, making it the model’s best-selling mannequin in Korea.
Strong demand for the SUV has been blamed for the delay in exporting the Torres to different markets.
SsangYong gross sales had been up by 32.Four p.c in 2022 to 3943 models, with the Musso up 3.9 p.c to 1956 models, the associated Rexton SUV hovering 97.7 p.c to 1467 gross sales, and the Korando up 47.Three p.c to 520 gross sales.
With its acquisition by KG Group, SsangYong is set to be renamed to KG Mobility pending board approval.
“We’ve got determined to go for a brand new title to totally make the most of the energy of SsangYong Motor,” stated SsangYong and KG Group chairman Kwak Jae-sun.
“Below the title of SsangYong, the corporate has a fandom but additionally has a painful picture.
“The brand new vehicles will come out as KG, however its car-making historical past won’t ever change and have the identical circumstances.”
SsangYong has had a troubled previous, altering palms a number of occasions earlier than Mahindra & Mahindra picked it up in 2011.
Acquired by Daewoo in 1997, its new company dad or mum then bumped into monetary troubles and was pressured to dump SsangYong in 2000.
In 2004, SAIC Motor acquired 51 p.c however walked away in 2009, which noticed Ssangyong go into receivership.
Mahindra & Mahindra adopted SsangYong in 2011, buying a controlling stake of 70 p.c for 523 billion gained. However it, too, walked away in 2020, leaving SsangYong in receivership and looking for a brand new proprietor.
After a turbulent bidding course of to regain possession, together with preliminary bidder Edison Motors’ incapability to entrance its profitable bid, a consortium led by KG Group paid an quantity thrice greater to accumulate a controlling 62 p.c stake within the firm.
In August 2022, the Seoul Chapter Courtroom approved KG’s rescue plan.
This is not the primary time KG Group and SsangYong have labored collectively. KG Metal, a part of the KG Group, provided metal to the automaker for its autos beforehand.
