Renault Korea’s success was largely driven by the XM3, a compact sport utility vehicle (SUV). Since its launch in Korea in March 2020, the XM3 has been a hit among domestic and international buyers, thanks to its competitive pricing and excellent performance. (Image provided by Renault Korea)
BUSAN, April 22 (Korea Bizwire) — Renault Korea’s strong sales of the popular XM3 led to the company’s return to profitability last year.
According to Renault Korea’s announcement on Saturday, the company achieved sales of 4.86 trillion won (US$3.65 billion), operating profit of 184.8 billion won, and net profit of 125.5 billion won in 2022. The company’s sales also increased by 1.21 trillion won from the previous year. This marks the first time in two years that Renault Korea has been profitable after posting a loss of 79.7 billion won in 2020.
Renault Korea’s success was largely driven by the XM3, a compact sport utility vehicle (SUV). Since its launch in Korea in March 2020, the XM3 has been a hit among domestic and international buyers, thanks to its competitive pricing and excellent performance.
Despite its small size, the XM3 boasts a powerful four-cylinder engine and a spacious body, making it popular in the small SUV market. Its export performance has been steadily increasing year after year, with 909 units sold in 2020, 56,719 units in 2021, and 99,166 units in 2022.
In 2021, Renault Korea launched the XM3 E-TECH Hybrid, which has an EV mode that allows it to run solely on electricity and a “one-pedal driving” system that recovers braking energy. The XM3 E-TECH Hybrid uses a 1.6-liter four-cylinder engine, a 230V high-voltage battery, and two electric motors to achieve a combined fuel economy of 17.4 kilometers per gallon on 17-inch tires.
“Small SUVs accounted for 22.6 percent of passenger cars sold in Korea last year,” said a Renault Korea official. “The XM3′s excellent space utilization and high fuel efficiency have made it a popular choice in the domestic small SUV market.”
M. H. Lee (mhlee@koreabizwire.com)
