KG Mobility August sales drop 23 percent on weak domestic demand
Company plans to boost Southeast Asian exports and expand CKD business to counter falling local sales.
Quick Look
KG Mobility Corp. reported a 23 percent year-on-year drop in August vehicle sales, totaling 6,800 units due to weak domestic demand, while planning to boost Southeast Asian exports.
AI-generated summary
Why It Matters
KG Mobility Corp. reported August sales figures and outlined plans to expand exports into Southeast Asia and the Middle East.
SEOUL, Sept. 1 (Yonhap) -- KG Mobility Corp. said Tuesday its sales fell 23 percent in August from a year earlier, largely due to weaker domestic demand.
KG Mobility sold 6,800 vehicles last month, down from 8,830 units in the same month last year, the company said in a press release.
Domestic sales plunged 43 percent to 2,300 units from 4,055, while exports declined 5.1 percent to 4,560 from 4,805.
To boost sales, the company said it will step up efforts to promote its models in Southeast Asian markets.
The company aims to sell 1,000 sport utility vehicles (SUVs) in Myanmar this year following the launch of its brand there.
It also plans to export the all-electric Torres EVX and Musso EV pickup as complete knockdown (CKD) kits to Southeast Asia, while expanding its CKD business in Saudi Arabia and Vietnam.
From January to August, cumulative sales rose 0.2 percent to 70,743 units from 70,567 in the year-ago period.
What to Watch
AI outlook โ possibilities, not facts
KG Mobility aims to sell 1,000 SUVs in Myanmar this year.
Likely ยท Within months
Open Questions
- What caused the steep decline in domestic demand?
- Will the expansion in Southeast Asia offset local losses?
