KGM Achieves First-Quarter Profit for Third Consecutive Year... "Improving Profitability with New Models"

Sales of 907 Billion KRW and Operating Profit of 10.6 Billion KRW

KG Mobility (KGM) achieved a first-quarter operating profit for the third consecutive year. This is the first time in 21 years since the period from 2002 to 2004 that the company has accomplished this.

On April 24, KGM announced that, based on its separate financial statements, it recorded sales of 907 billion KRW and an operating profit of 10.6 billion KRW in the first quarter. The company explained that it was able to achieve a profit despite a decrease in sales volume due to contraction in the domestic market, thanks to improved profitability by vehicle model, favorable exchange rate effects, and efforts to enhance productivity.

KG Mobility Musso EV. KG Mobility

In the first quarter, KGM sold a total of 26,009 vehicles, with 8,184 units sold domestically and 17,825 units exported. This is the highest quarterly sales figure in 11 years since the first quarter of 2014, when 19,874 units were sold. While domestic sales decreased compared to the same period last year, exports increased by 4.2% year-on-year.

KGM expects sales volume to increase further with the launch of new models such as the Musso EV and Torres Hybrid. The Musso EV surpassed 3,200 contract units just two weeks after the official contract period began, and the cumulative number of contracts has now exceeded 5,000 units, indicating a positive market response.

The Torres Hybrid has received positive reviews from consumers for its smooth driving experience, stability at high speeds, high fuel efficiency, and quiet interior, as demonstrated through test drive events and other activities.

A KGM official stated, "As sales are showing signs of recovery with the launch of new models, we will further improve profitability by increasing sales volume not only in the domestic market but also by strengthening our efforts in the global market."

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