April 19, 2024

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[THE INVESTOR] SsangYong Motor announced on Feb. 15 that the company posted its highest sales volume in 14 years last year, resulting in an operating profit of 28 billion won ($25 million) and net profit of 58.1 billion won.

The company, which is the fourth-largest South Korea-based automobile manufacturer, sold a total of 155,844 units worldwide in 2016. 

SsangYong`s top-selling Tivoli compact SUV

“Last year, the company was able to recover its market share thanks to the Tivoli and escape from the loss-making situation by posting profits for the first time in nine years,” said CEO Choi of SsangYong Motor, in a press release.

“This year, we will successfully launch the large-sized premium SUV, the Y400 and expand our product line-up to further increase our sales and continue the profitable trend,” he added.

SsangYong also posted record-high fourth quarter sales, raking in more than 1 trillion won in revenue during the quarter alone -- the first time since the company’s establishment.

It was up 8 percent in terms of sales volume and 2.7 percent in revenue compared to the same period in 2015.

The company’s strong growth in sales was mostly driven by the Tivoli models, which grew by 34.7 percent year-on-year to 85,821 units, according to SsangYong Motor. The strong performance is also widely credited to global sales of the Tivoli surpassing 9,000 units in December.

By Julie Jackson/The Korea Herald (juliejackson@heraldcorp.com)