KG Mobility reports revenue growth driven by eco-friendly vehicle exports

KG Mobility (KGM) reported a cumulative revenue of 3.31 trillion won for the third quarter, marking a 5.8% increase compared to the same period last year. Despite a slight decrease in total sales volume to 81,033 units and a reduction in operating profit due to production line maintenance for the upcoming SE10 model and foreign exchange losses, the company maintained a profit.

The growth was primarily driven by a surge in eco-friendly vehicle exports. Cumulative exports of eco-friendly vehicles (HEVs and EVs) rose by 130.5% year-on-year, with their share of total exports increasing from 21.9% to 49.7%. Key markets driving this expansion include Western Europe, specifically Italy, Portugal, Belgium, and Spain, as well as the Middle East and Africa, led by strong performance in Turkey.

To further expand its global footprint, KGM is pursuing Knock-Down (KD) business strategies in emerging markets. Following recent launches in Myanmar and Ethiopia, the company plans to expand into Saudi Arabia, Vietnam, and Cambodia. In the domestic market, KGM is implementing promotional activities to counter slowing demand.