We Indians sure know how to do business. Soon after the complete takeover of Korean SsangYong Motor Company, M&M’s business acumen seems to have started working wonders for the brand. The company has announced its highest sales since the third quarter of 2008.
The companSsangYong announces total sales of 24,741 units – 9,974 units in Korea and 14,767 units in exports (including CKD), marking a 65% increase compared with the same period of the previous year
Company’s President and CEO Lee Yoo-il announced 24,741sales – 9,974 units in the Korean market and 14,767 units in exports during the first quarter of this year. This is an impressive 65% boost over the sales of the company in the same period last year. Seems like the dwindling company is fast recovering, with more than 20,000 units sold for 4 consecutive quarters. The exports have grown by 75%.
Even with the improvement in sales, the company has recorded an operational loss of 41.9 billion won, a slight increase over last year. The increase is caused by increased R&D cost, cost of new product launches and raw material purchasing cost as the prices of most raw materials including steel plate, petrochemical products and nonferrous metals have sharply increased.