SsangYong Motor, part of the Mahindra Group, recently announced that the company sold a total of 74,235 units in the first half of 2014 – 33,235 units in domestic sales and 41,000 in exports including CKD kits. These results were attributed to an increase in domestic sales of the company’s main models including the New Korando C (exports name: New Korando) and Korando Sports (exports name: Actyon Sports), and growth of global SUV market, up 6.9% compared to the same period last year.
However, its monthly sales in June dropped by 7.8% compared to June 2013 due to weak consumer confidence in the domestic market, an effect of exchange rate change and a slowdown in demand from the emerging markets While the company reported a decrease of 8.0% in domestic sales for June year-on-year, its domestic sales for the first six months this year grew by 13.5% year-on-year on the back of increased demand for leisure vehicles. The New Korando C and Korando Sports led the sales momentum with an increase of 17.6% and 28.3% respectively on an accumulated basis.
SsangYong also saw a decrease of 7.7% in exports for June from a previous year affected by Russian market amid Ukrainian crisis, but year-to-date exports were up 2.1% backed by steady sales growth of the New Korando C in the overseas market.
Meanwhile, SsangYong has made downward revision in its 2014 sales goal from 160,000 units to 150,500 units in the end of April due to decreased demand from the global markets. In view of current market affairs, SsangYong is pushing ahead with a diversification of sales network by aggressively targeting Chinese and European market as well as exploring new markets. For the domestic market, the company will expand its sales by reinforcing diverse marketing strategies including customer participation events such as ‘I LUV Korando Festival’.
Lee Yoo-il, CEO of SsangYong Motor, commented, “In the first half of this year, we witnessed an increase of 6.9% compared to the same period last year on the back of an upswing in global sales of main models including the New Korando C despite global risks,” adding, “We will make efforts to reach this year’s sales goal through aggressive strategies to expand our global sales such as a diversification of export markets.
