SsangYong revenues up 21 percent in CY 2013

SsangYong Motor, part of the Mahindra Group, has recorded total sales of 145,649 units including 63,970 units domestic sales and 81,679 units exports (including CKD) in 2013.

The company said the performance is due to the successful launch of new products. In the domestic market, sales of the Korando Turismo (launched in February 2013), and New Korando C (launched in August 2013) increased, which helped the company grow volumes by 34 percent compared to 2012.

In the overseas market, sales in the European and Chinese markets recovered thanks to the launch of the New Korando C or New Korando and Korando Turismo (exported as New Rodius) with improved fuel efficiency, and exports crossed the 80,000 units mark for the first time.

Annual revenue also grew for four consecutive years, thanks to record high exports and strong sales growth in the domestic market, increasing by 21.3 percent over the previous year to 3,484.9 billion won (Rs 20,197 crore), the highest ever since the company was established, while the previous highest revenue was 3,435.5 billion won in 2005.

This sales growth has enabled SsangYong to reduce its operating loss in the past three years with its financial structure also improving significantly.  Operating profits were recorded during two quarters in 2013 resulting in an expectations for an annual profit, but in the fourth quarter, the rapid drop in the foreign exchange rate and the Korean Supreme Court’s decision on the ordinary wage issue negatively affected financials resulting in an 8.9 billion won yearly operating loss.

Meanwhile, SsangYong will continue to boost sales of the Korando family brands to achieve its annual sales target of 160,000 units, and maintain its growth trend for the fifth consecutive year.