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SsangYong's Feb. sales more than halve on extended slump

By Yonhap

Published : March 2, 2021 - 15:20

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An exterior view of SsangYong Motor's Pyeongtaek factory in April. (Yonhap) An exterior view of SsangYong Motor's Pyeongtaek factory in April. (Yonhap)
SsangYong Motor Co. said Tuesday its sales plunged 61 percent last month from a year earlier on lower demand for its vehicles amid the COVID-19 pandemic.

SsangYong Motor sold 2,789 vehicles in February, down from 7,141 units a year ago due to a sharp decline in domestic sales and exports, the company said in a statement.

Domestic sales fell 48 percent to 2,673 units last month from 5,100 the previous year, and exports plummeted 94 percent to 116 from 2,041, it said.

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

Indian parent Mahindra & Mahindra Ltd. is in the process of selling its majority stake in SsangYong to reorganize its investments amid the pandemic.

In 2011, Mahindra acquired a 70 percent stake in SsangYong for 523 billion won and now holds a 74.65 percent stake in the carmaker.

Debt-laden Ssangyong filed for court receivership in December, as it struggles with snowballing debts amid the pandemic. (Yonhap)