April 17, 2024

• 

[THE INVESTOR] SsangYong Motor said on Oct. 27 it swung to a net loss in the third quarter on lower global demand for its vehicles.

The SUV-focused carmaker posted a net loss of 17.7 billion won (US$16 million) in the three months ending on Sept. 30, shifting from a net profit of 18.3 billion won a year earlier, the company said in a statement.

The number of vehicles shipped in the third quarter plunged 28 percent to 9,928 units from 13,873 a year ago. Domestic sales rose 14 percent to 26,378 from 23,233 during the same period, it said.

Operating losses widened to 17.4 billion won in the September quarter from 7.3 billion won a year earlier. Sales rose 5.9 percent to 900.7 billion won from 850.8 billion won.

The maker of the Tivoli and G4 Rexton SUVs suffered lower demand from emerging markets such as Russia, Latin America and Iran in the third quarter.

By Alex Lee and newswires (alexlee @heraldcorp.com)