KG Mobility, formerly known as SsangYong Motor Co., said Wednesday its second-quarter net profit soared from a year earlier helped by increased shipments of its SUV models to Europe.
Net profit for the three months ended in June surged to 18.4 billion won (US$14 million) from 1.3 billion won in the same period of last year, the company said in a statement.
“Domestic sales of the Torres SUV increased, and the new SUV’s shipments to European markets began in the second quarter, giving a boost to the bottom line,” it said.
KG Mobility shifted to an operating profit of 18.8 billion won in the June quarter from an operating loss of 28.2 billion won a year ago. Sales jumped 42 percent to an all-time quarterly high of 1 trillion won from 707.7 billion won.
From January to June, the SUV-focused carmaker swung to a net profit of 34.5 billion won from a net loss of 30.3 billion won a year earlier.
It also shifted to an operating profit of 28.2 billion won in the first half from an operating loss of 59.1 billion won during the mentioned period. Sales gained 47 percent to a record high of 2.09 trillion won from 1.42 trillion won.
KG Mobility’s lineup currently consists of the Tivoli, Korando, Rexton, Rexton Sports and Torres SUVs.
To prop up sales, it plans to launch the fully electric Torres EVX SUV in the domestic market next month.
The Torres EVX is KG Mobility’s second battery-powered model after the Korando Emotion launched in the domestic market in February 2022. It is equipped with a lithium iron phosphate battery system and can travel more than 420 kilometers on a single charge.
Source: Yonhap News Agency