SEOUL, Aug. 2 (Yonhap) — KG Mobility, formerly known as SsangYong Motor Co., reported Wednesday that its second-quarter net income skyrocketed from the same period last year due to increased shipments of its SUV models to Europe.
Net profit for the three months ended in June jumped to 18.4 billion won (US$14 million), compared to 1.3 billion won a year earlier, the company said in a statement.
“Domestic sales of the Torres SUV increased, and the new SUV’s shipments to European markets began in the second quarter, leading to the strong performance,” it said.
KG Mobility shifted to an operating profit of 18.8 billion won in the June quarter from an operating loss of 28.2 billion won a year ago. Sales surged 42 percent to an all-time quarterly high of 1 trillion won from 707.7 billion won.
In the first half of the year, the SUV-focused carmaker swung to a net profit of 34.5 billion won from a net loss of 30.3 billion won a year earlier.
It also shifted to an operating profit of 28.2 billion won from an operating loss of 59.1 billion won during the same period. Sales rose 47 percent to a record high of 2.09 trillion won from 1.42 trillion won.
KG Mobility’s lineup currently consists of the Tivoli, Korando, Rexton, Rexton Sports and Torres SUVs.
To bolster sales, it plans to launch the fully electric Torres EVX SUV in the domestic market next month.
The Torres EVX is KG Mobility’s second battery-powered model after the Korando Emotion launched in the domestic market in February 2022. It is equipped with a lithium iron phosphate battery system and can travel more than 420 kilometers on a single charge.