February 16, 2017 13:32
SUV maker Ssangyong managed to stay in the black last year for the first time in nine years thanks to the popular Tivoli.
Ssangyong on Wednesday said it posted W3.6285 trillion in sales, up seven percent from a year ago, W28 billion in operating profit, and W5.81 million in net profit (US$1=W1,141). In 2015, it racked up a net loss W6.19 million.
The Tivoli small SUV turned Ssangyong's fortune around. It sold 155,844 cars in Korea and abroad last year, up 7.7 percent from 2015. Almost a half or 85,821 were Tivolis, up 34.6 percent from a year ago.
In December alone, Sssangyong sold 9,000 Tivolis, and it achieved over W1 trillion in quarterly sales in the fourth quarter.
The carmaker went into receivership in 2009 but was rescued by India's Mahindra in 2010.
Ssangyong CEO Choi Johng-sik said, "We will do our best to keep this momentum going with more models and the launch of the large premium SUV Y400 this year."
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