SsangYong Motor Company, which is part of the $ 15.9 billion Mahindra Group, declared that it has achieved a sales figure of 31,265 vehicles during the first quarter of 2013. This includes 13,293 vehicles in the domestic South Korean market and 17,972 sold as exports, which also included Completely Knocked Down (CKD) units. Even though the domestic and international economies are witnessing a slowdown, global sales for SsangYong Motors went up by 18.2 per cent as compared to the first quarter last year. Global revenue for the 2013 quarter grew by 16.7 per cent and operating loss was down by 43 per cent.
Sales growth in the first quarter was achieved due to the Korando C, as well as the Korando Turismo that was launched in South Korean market during February 2012. Korean domestic sales increased by 37 per cent and international sales by 7.4 per cent in the first quarter of 2013, as compared to the same period last year. Expressing its happiness at the positive growth figures achieved by SsangYong Motors, Pawan Goenka, President, Automotive and Farm Equipment Sector, Mahindra & Mahindra Limited, said, “This performance shows that the turnaround of SsangYong continues at a brisk pace. Our new and refreshed models are increasingly popular in the Korean and export markets and have helped to significantly lower our losses.”
Model-wise, Korando C and Korando Sports witnessed sales of 12,254 units and 7,467 units, respectively. This was achieved in a combination of domestic Korean and export markets, which in turn accounted for 63 per cent of the vehicles sold by the company. In addition, 3800 units of the Korando Turismo have been booked in South Korea since its launch in February 2013.
The Rexton W has been successfully introduced in the Indian market. Aggressive entries of this vehicle in other international markets as well have contributed towards a growth of 7.4 per cent that was achieved in the current quarter. Exports to countries such as Russia would continue to increase and more Sports Utility Vehicle (SUV) models would be produced in the future. With such strong growth figures during a slowdown, it is clear that vehicles from SsangYong are surely becoming popular in the world. This would also bring additional recognition to Mahindra & Mahindra in the international auto markets.