KG Mobility (hereinafter KGM) recorded an operating profit of 12.3 billion won last year. This marks two consecutive years of profit.
KGM announced its 2024 results on the 24th, reporting sales of 3.78 trillion won, an operating profit of 12.3 billion won, and a net profit of 46.2 billion won based on separate financial statements, supported by the sale of 109,424 vehicles.
These results were supported by the launch of new models such as the Action, the increase in export volumes through the expansion of global market penetration, the CO₂ penalty reversal due to the sale of the Torres EVX, exchange rate effects, and cost-saving efforts stemming from improved productivity.
The record of operating profit and net profit for two consecutive years is the first in 20 years since 2003-2004.
KGM has set a goal to expand that profit scale to four digits this year.
Sales for 2024 are expected to decline by 5.7% compared to 2023 due to a contraction in consumer sentiment stemming from a domestic market recession; however, exports increased by 18.2% compared to 2023, achieving the highest sales figures since 2014 (70,011 vehicles), culminating in a record monthly sales of 8,147 vehicles in December last year.
In particular, KGM accelerated efforts to increase export volumes by launching the Torres EVX in global markets such as Turkey and Australia, establishing a European sales corporation, holding a parts conference, and inviting overseas dealers to its dealer conference.
KGM plans to aggressively respond to the market by expanding the launch of new models for both domestic and international markets to increase these profit margins.
To that end, in January, as its first global event, KGM invited dealers and reporters in the rapidly growing Turkish market to launch the Action and hold test drive events, while in the domestic market, it launched the '2025 Rexton' lineup along with the integrated pickup brand 'MUSSO' and unveiled the vehicle name 'MUSSO EV.'
Additionally, KGM is working on expanding its eco-friendly vehicle lineup by unveiling the 'Torres Hybrid,' which features the 'Dual Tech Hybrid System.'
'Dual Tech Hybrid System' is a full hybrid developed by KGM in collaboration with BYD, a leading global eco-friendly vehicle company, maximizing the efficiency and advantages of internal combustion engines while greatly improving real-world fuel economy.
A KGM official noted, "We are laying the foundation for management normalization by recording profits for two consecutive years for the first time in 20 years, thanks to the increase in export volumes and the reversal of CO₂ penalties." The official added, "This year, starting with the launch of the Action in the Turkish market, we plan to expand our presence in the global market and increase sales volumes, while enhancing profitability through various new model launches like the MUSSO EV and Torres Hybrid."
[OSEN = Reporter Kang Hee-soo]