KGM's surplus for the second year in a row..Net income of KRW 46.2 billion in 2024
Feb 25, 2025
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This is the second consecutive year of surplus since 2023 thanks to cost-cutting efforts such as CO₂penalty reintroduction from Torres EVX sales, exchange rate effects, and productivity improvement, along with increased export volumes through the launch of new models such as Actian and expanding its global market presence.
The second consecutive year of operating profit and net profit is the first performance in 20 years since 2003 and 2004, and KGM has maintained a surplus since its new start as a KG family company, solidifying its foundation for business normalization.
Sales fell 5.7% in 2024 compared to 2023 due to weak consumer sentiment caused by the economic downturn in the domestic market, but exports recorded their highest monthly sales in 10 years since 2014 (72,011 units) in December last year (8,147 units), up 18.2% from 2023 (52,754 units).
In particular, KGM accelerated its efforts to increase export volumes last year, including the launch of Torres EVX in global markets such as Turkiye and Australia and the launch of KGM brands, establishing a European sales corporation, parts conferences, and holding overseas agency conferences, an invitation event for global sales agencies.
KGM is domestically to increase the size of this surplus this year.It plans to aggressively respond to the market by expanding the launch of new models in external markets.
To this end, in January, it invited a fast-growing Turkey Yesser agency and a group of reporters to launch Actian and hold a test drive event as the first global event. In the domestic market, it launched the pickup integrated brand 'MUSSO' along with the "2025 Rexton" lineup and unveiled the new name 'MUSSO EV' of 'O100'.
In addition, KGM's first hybrid model, the 'Tores Hybrid', has also expanded its eco-friendly car lineup by unveiling the 'Dual Tech Hybrid System'.
The 'dual tech hybrid system' is a full hybrid developed by KGM in cooperation with BYD, a global eco-friendly vehicle leader, and has greatly improved actual fuel efficiency by maximizing the characteristics of electric vehicles and the efficiency and strength of internal combustion engines.
We have been in the black for the second consecutive year in 20 years due to the expansion of export volume and the return of CO₂penalty, laying the foundation for business normalization, a KGM official said. "Starting with the launch of Actian in the Turkiye market this year, we plan to expand our surplus along with increasing sales volume by launching various new models such as Mousseau EV and Torres Hybrid."
Editor Kim Tae-jin, tj.kim@carguy.kr
This article was translated by Naver AI translator.
