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THE INVESTOR
August 04, 2020
Big Reunion

Automobiles

SsangYong Motor’s net loss narrows in Q1

  • PUBLISHED :April 29, 2019 - 11:09
  • UPDATED :April 29, 2019 - 15:59
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SsangYong Motor said on April 29 its net loss narrowed in the first quarter from a year earlier on robust sales of sport utility vehicles.

Net loss narrowed to 26 billion won ($22 million) in the January-March quarter from 34 billion won in the year-ago period, the company said in a statement.


“Strong demand for the Rexton Sports Khan and the Korando SUV models helped the company report a nearly 10 percent on-year sales growth in the first quarter,” the statement said.

SsangYong sold a total of 33,627 vehicles in the first quarter, up 9.7 percent from 30,664 units a year ago.

To bolster sales, the carmaker said it is moving to launch Korando models in overseas markets such as Latin America, the Middle East and the Oceania region later this year to boost sales.

Its operating loss also narrowed to 28 billion won from 31 billion won during the same period. Sales rose 15 percent to 933 billion won from 809 billion won, it said.

By Ram Garikipati and newswires (ram@heraldcorp.com)

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