Ssangyong Motor, Q3 Operating Loss of 60.1 Billion KRW... Reduced Loss Margin

Despite Worsening Shipment Delays, Sales Decline Limited by Product Mix Improvement

[Image source=Yonhap News]

[Asia Economy Reporter Yu Je-hoon] SsangYong Motor announced on the 15th that it recorded sales of 629.8 billion KRW and an operating loss of 60.1 billion KRW in the third quarter. These figures represent decreases of approximately 14% and 35%, respectively, compared to the previous year.

According to SsangYong Motor, total sales volume in the third quarter was 21,840 units, down about 17% from the previous year. This is due to the ongoing global shortage of automotive semiconductors, resulting in a backlog of more than 12,000 units including domestic and export shipments.

However, despite these shipment delays, the decline in sales revenue was limited to about 14%, which is lower than the decrease in sales volume, due to a change in the product mix driven by an increased sales proportion of the The New Rexton Sports & Khan. Operating losses were also significantly reduced. The company explained that this was the result of strong self-help measures such as rotational unpaid leave implemented since July.

SsangYong Motor stated, "Through the flawless implementation of self-help plans, we are not only reducing costs but also gradually improving our financial structure," adding, "As the shipment backlog worsens, we will strengthen cooperation with parts suppliers and operate production efficiently to resolve the backlog and further improve profitability."

This content was produced with the assistance of AI translation services.