This file photo provided by SsangYong Motor shows its plant in Pyeongtaek, Gyeonggi Province.
SEOUL, Feb. 14 (Korea Bizwire) — SsangYong Motor Co., a South Korean SUV-focused carmaker, said Tuesday it has recently signed a deal to export 7,000 vehicles to a company in the United Arab Emirates this year.
SsangYong Motor signed the export deal with Neweast General Trading Zafza (NGT) in January and agreed to expand the volume to 10,000 units later, the company said in a statement.
Last month, SsangYong signed deal to export about 170,000 vehicles to Saudi National Automobiles Manufacturing Co. (SNAM) in the form of semi knockdown (KD) units for seven years from 2023.
For the whole of 2022, its vehicle sales jumped 35 percent to 113,660 units from 84,106 a year earlier. Of the overall sales, exports accounted for 40 percent, or 45,294 units.
Of the exports, shipments to Saudi Arabia, Iraq, Israel and other Middle Eastern countries marked 3,819 units.
SsangYong’s lineup consists of the Tivoli, Korando, Rexton, Rexton Sports and Torres SUVs.
The company said it will focus on increasing exports to emerging markets this year to put its business back on track.
The Seoul Bankruptcy Court approved SsangYong’s debt payment plans in August after the court picked a local consortium led by chemical-to-steel firm KG Group as the final bidder to acquire the debt-laden company in June.
In October, SsangYong graduated from the court-led debt rescheduling program 1 1/2 years after it was placed under court receivership amid the COVID-19 pandemic.
(Yonhap)
