√SsangYong posts first profit in six years

Six months after getting a new parent company, SsangYong has reported a profit for the first time six years.

Struggling South Korean car maker SsangYong appears to have had a change of fortune after posting its first quarterly profit in six years.

SsangYong sales globally increased 41.7 per cent last year compared to the year prior – amid a 59 per cent increase in sales for the fourth quarter (October to December) of 2022 compared with the same period in 2021 – The Korea Economic Daily reports.

Of the 33,502 SsangYong vehicles sold in the last three months of 2022, almost 12,000 were the brand’s new Torres mid-size SUV, which only launched in June 2022.

It was around the same time the ownership of SsangYong switched from India’s Mahindra to South Korea’s KG Group – after the company declared bankruptcy in December 2020.

MORE: South Korea’s SsangYong car brand to be renamed KG Mobility

Earlier this month, the chairman of SsangYong, Kwak Jea-sun, told media the car company would be dropping its name of three decades to rebrand as KG Mobility.

“The name – SsangYong Motor – has a fandom with good memories, but it also has a painful image,” Mr Kwak said at the time.

“From now, all SsangYong cars will come out to the world under the name of KG. Even with the name change, SsangYong Motor’s history will not change and [the company] will have the same conditions,” he said.

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