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Biz News Korea(Eng)

KG Mobility’s exports back to levels seen seven years ago

Collected: 2023.12.21

Distributed: 2023.12.22

Source: Go Direct

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Rexton Sports Khan Culmen [Courtesy of KG Mobility]

KG Mobility, renamed from Ssangyong Motor after its acquisition by South Korea’s KG Group in 2022, is poised to rebound this year with an estimated export volume of 50,000 units. This is the first time the company has achieved such export figures since 2016, when it delivered 50,290 units under the ownership of India’s Mahindra Group.

According to sources on Wednesday, KG Mobility exported 49,802 units from January to November 2023, surpassing the previous year’s annual tally of 45,294 units by about 5,000 units.

Facing restructuring and labor disputes in 2009, KG Mobility underwent a period during which it could barely produce complete vehicles. After the acquisition by Mahindra Group in 2011, the carmaker managed to export 70,000 to 80,000 units annually for four years, but the lack of adequate investment due to financial constraints led to a slump in exports.

The company also faced challenges in achieving the necessary sales growth due to the 16-year span required for the complete model change of the midsize Sports Utility Vehicle (SUV) Rexton and subsequent new car releases.

KG Mobility now has a stabilized governance structure after its acquisition by KG Group and has significantly recovered, increasing 2022’s export volume by 60 percent. Leading this export growth are the midsize SUV Korando and the pickup truck model Rexton Sports Khan, with exports of these models between January and November 2023 hitting 10,423 and 9,874 units respectively. With the resumption of new car research and development, which saw a pause of around two years during the court protection period from 2020, the company anticipates launching new models from 2025, further expanding its sales.

By Park Je-wan and Minu Kim

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