SEOUL, KG Mobility, formerly known as SsangYong Motor Co., said Wednesday its sales plunged 51 percent last month from a year earlier due to reduced production.
KG Mobility sold 6,421 vehicles in October, down from 13,156 units a year earlier, the company said in a statement.
Domestic sales plummeted 52 percent to 3,804 units last month from 7,850 a year ago, while exports dropped 51 percent to 2,617 from 5,336 during the same period, it said.
“Vehicle production was affected due to the ongoing integration of No. 2 and No. 3 assembly lines at the Pyeongtaek plant, which resulted in sharply decreased vehicle sales,” the statement said.
An extended economic slowdown weighed on consumer sentiment despite the launch of new models, such as the Torres EVX SUV, it said.
From January to October, its sales rose 10 percent to 102,640 autos from 93,344 units during the same period last year.
Domestic sales fell 3.4 percent to 54,788 units in the first 10 months from 56,725 a year ago, while exports jumped 30 percent to 48,032 from 36,919.
The SUV-focused carmaker’s lineup currently consists of the Tivoli, Korando, Rexton, Rexton Sports and Torres SUVs.
In September, the Torres EVX SUV joined the lineup and it is KG Mobility’s second battery-powered model after the Korando Emotion launched in the domestic market in February 2022.
The Torres EVX is equipped with a lithium iron phosphate battery system and can travel more than 420 kilometers on a single charge.
Source: Yonhap News Agency