SsangYong's Jan. sales fall 30 pct on weaker demand

SEOUL, Feb. 3 (Yonhap) -- SsangYong Motor Co. said Monday its sales fell 30 percent last month from a year earlier due to weaker demand for its vehicles.

SsangYong Motor sold 7,656 vehicles in January, down from 10,988 units a year ago, due to lower demand for its models, such as the G4 Rexton and Rexton Sports SUV, the company said in a statement.

Domestic sales plunged 37 percent to 5,557 units last month from 8,787 a year ago. Exports declined 4.8 percent to 2,096 units from 2,201 during the same period, it said.

In 2019, SsangYong Motor's annual sales fell 6.5 percent to 132,799 vehicles from 141,995 units a year earlier. Earnings results for 2019 will be released in the coming weeks.

SsangYong Motor's lineup is composed of the flagship G4 Rexton, as well as the Tivoli, Korando and Rexton Sports.

In bankruptcy proceedings in March 2011, Mahindra acquired a 70-percent stake in the carmaker for 523 billion won as part of its globalization strategy.

Mahindra currently owns a 74.65-percent stake in SsangYong Motor after two rounds of rights issues worth 130 billion won since 2013.

kyongae.choi@yna.co.kr
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