SEOUL, Aug. 16 (Korea Bizwire) – SsangYong Motor Co., the South Korean unit of Mahindra & Mahindra Ltd., said Tuesday its net losses narrowed in the first half from a year earlier, helped by increased exports.
Net losses for the six months ending in June narrowed to 30.3 billion won (US$23 million) from 180.5 billion won a year ago, the company said in a statement.
“Increased exports and companywide cost-cutting efforts helped prop up the bottom line, resulting in narrowed losses,” the statement said.
The company said it will focus on improving its financial status based on strong sales of the all-new Torres SUV launched in the domestic market last month in the second half.
Operating losses also narrowed to 59.1 billion won in the first six months from 177.9 billion won during the same period of last year. Sales rose 24 percent to 1.42 trillion won from 1.15 trillion won during the same period.
To further beef up its lineup, SsangYong plans to launch the electrified version of the Torres late next year. It also plans to introduce the electrified version of the Korando SUV under the project name “KR10″ and an electrified pickup truck in 2024.
The SUV-centered company plans to fill most of its lineups with EV models in the Korean and European markets by 2030 but keep some of the lineups as combustion engine models in developing markets, such as the Middle East and Latin America.
SsangYong does not have a plan to develop a new diesel-powered vehicle due to stricter emissions regulations.
Its current product lineup consists of the Torres, Tivoli, Korando, Rexton and Rexton Sports SUVs.