Ssangyong Motor

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Title SsangYong Motor Posts Revenue of 3,623.9 billion won in 2019
Date 2020-02-07

SsangYong posts sales of 135,235 units, revenue of 3,623.9 billion won, an operating loss of 281.9 billion won due to low sales

 

 

Decrease in sales and revenue by 5.6% and 2.2%, respectively, due to lower export despite exceeding 100,000 units in domestic sales for 4 consecutive years

 

 

SsangYong to funnel its energies on enhancing competitiveness by achieving sales goal, improving fundamental and achieving global cooperation

 

 

 

 

SsangYong Motor Company (CEO Byung-Tae Yea;www.smotor.com/en) sold 135,235 units, posted revenue of 3,623.9 billion won, an operating loss of 281.9 billion won, and a net loss of 341.4 billion won in 2019.

 

 

 

 

Despite strong domestic sales, the company's loss expanded YoY due to decrease in revenue caused by sluggish exports, increase in depreciation and amortization costs due to higher investment, as well as increase in sales allowance amid fiercer competition.

 

 

 

 

Its domestic sales exceeded 100,000 units for 4 consecutive years thanks to the launch of new models such as the brand-new Korando. However, its global sales declined by 5.6% YoY and revenue declined by 2.2% YoY due to the decrease in exports.

 

 

 

 

SsangYong posted an operating loss of 281.9 billion won and a net loss of 341.4 billion won in 2019 due to decreased revenues caused by sluggish sales, increased depreciation costs caused by new car launches, and increased operating costs caused by intense competition.

 

 

 

 

SsangYong’s labor and management have joined forces in order to strengthen the company’s competitiveness, and are pushing forward by making preemptive self-salvaging efforts such as an additional management turnaround plan at the end of last year.

 

 

 

 

Byung-tae Yea, CEO of SsangYong Motor Company, commented, “In spite of the market downturn and intense competition, we met our annual domestic sales goal of 100,000 units for 4 consecutive years in 2019. This year, we plan to concentrate all our competencies and energies not only to meet the sales goal but also to enhance our competitiveness by improving the fundamental structure of our business and realizing global cooperation plans in preparation for future business.” <END>

 

 

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