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| 2023-02-21 15:18:32
SsangYong Motor-2022 earnings
SsangYong Motor's net losses narrow in 2022 on exports
SEOUL, Feb. 21 (Yonhap) -- SsangYong Motor Co. said Tuesday its net losses narrowed in 2022 compared with a year earlier helped by new models and increased exports.
Net losses fell to 60.1 billion won (US$46 million) last year from 266 billion won the previous year, the company said in a statement.
Operating losses also dropped to 112 billion won from 261 billion won during the same period. Sales jumped 41 percent to 3.42 trillion won from 2.43 trillion won.
For the whole of 2022, its vehicle sales increased 35 percent to 113,660 units from 84,106 a year earlier. Of the overall sales, exports accounted for 40 percent, or 45,294 units.
Of the exports, shipments to Saudi Arabia, Iraq, Israel and other Middle Eastern countries came to 3,819 units.
SsangYong's lineup consists of the Tivoli, Korando, Rexton, Rexton Sports and Torres SUVs.
The company said it will focus on increasing exports to emerging markets this year to put its business back on track.
Last month, SsangYong signed a deal to export 7,000 vehicles to Neweast General Trading Zafza (NGT) in the United Arab Emirates this year and agreed to expand the volume to 10,000 units later.
In January, it signed a contract to ship about 170,000 vehicles to Saudi National Automobiles Manufacturing Co. (SNAM) in the form of semi knockdown (KD) units for seven years from 2023.
SsangYong plans to launch the U100 all-electric model based on the Torres SUV later this year and other upgraded models throughout the year, the statement said.
The company said it will expand the shipments of the Torres compact SUV to emerging markets this year following launches in Chile and other Latin American countries.
The Seoul Bankruptcy Court approved SsangYong's debt payment plans in August after the court picked a local consortium led by chemical-to-steel firm KG Group as the final bidder to acquire the debt-laden company in June.
In October, SsangYong graduated from the court-led debt rescheduling program 1 1/2 years after it was placed under court receivership amid the COVID-19 pandemic.
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