– A total of 8,130 units sold in May – 4,001 units in domestic and 4,129 in exports; 17.5% decrease in total sales compared to last May
– Despite the year-on-year decrease in exports, net sales from January to May 2024 have exceeded the company’s performance within the same period in 2023, the year in which KGM achieved its highest sales record in 9 years
– KGM to focus on increasing its sales through the 3 taxi models (the Torres EVX, Korando EV and the new Torres bi-fuel LPG), the Torres EVX Van, aggressive product launching strategies and enhanced customer service
[June 3, 2024] KGM has sold a total of 8,130 units in May – 4,001 units in domestic and 4,129 units in exports.
Initially, a month-on-month increase in domestic sales was expected to lead the company’s sales growth; however, the decrease in export volume has led to a year-on-year decline of 17.5%.
Despite a month-on-month increase of 9.2% in domestic sales led by the 35.2% month-on-month sales increase of the Torres model, KGM’s year-on-year domestic sales have decreased by 16.8%.
On the other hand, net export sales from January to May 2024 have surged by 26%, notwithstanding an 18.3% decline in monthly sales compared to May 2023. Consequently, KGM’s performance in exports of this 5-month period has exceeded that of 2023, in which the company recorded its highest sales performance in 9 years.
To increase global sales, KGM has begun to expand to the Central and South American markets including Paraguay and Honduras, and has also been focusing on launching a variety of new products to strengthen domestic sales.
Starting the month with the release of the 3 taxi models (the Torres EVX, Korando EV, and the new Torres bi-fuel LPG), KGM has also launched the very first SUV van of the domestic market: The Torres EVX Van.
KGM also revealed its plans to launch a standard, non-taxi model of the Korando EV in the near future. The Korando EV is the renamed, more enhanced successor to the Korando e-Motion.
While the 3 taxi models have been equipped with features that aid long drives and ensure safety and convenience, the Torres EVX Van provides up to 1,462 L of luggage volume and 300 kg of cargo weight, supporting both the driver’s business needs and leisure altogether.
To further customer convenience and satisfaction, KGM has installed test drive facilities within its service centers in the Gunpo and Daejeon metropolitan areas since March. The company is currently operating a total of 300 test vehicles in South Korea that customers can access by requesting test drives on KGM’s online homepage.
A KGM official stated that “Although exports have declined year-on-year, the net increase from January to May has allowed the company to exceed its performance of the same period in 2023, in which the company recorded its highest export revenue in 9 years,” and added that “KGM will strive to increase its export sales by expanding global market reach and secure domestic sales by launching new models, improving customer service and strengthening marketing strategies.”