KG Mobility has achieved consecutive annual profits for the first time in 20 years, reporting 12.3 billion won ($9.1 million) in operating profit for 2024, a 147% increase from the previous year.
The South Korean automaker posted a standalone revenue of 3.782 trillion won ($2.8 billion), representing a marginal 0.1% year-on-year increase, alongside a net profit of 46.2 billion won ($34.2 million).
While overall sales volume decreased by 5.7% to 109,424 units, KG Mobility’s international performance shined with overseas sales jumping 18.2% to 62,378 units – the company’s strongest international showing in a decade.
The profit surge came despite challenging market conditions and was attributed to several factors including the successful launch of the new Actyon model, expanded global market penetration, and cost reduction initiatives. The company also benefited from favorable exchange rates and reversed carbon dioxide penalties through sales of its Torres EVX electric vehicle.
KG Mobility’s collaboration with Chinese electric vehicle giant BYD on a Dual Tech Hybrid System has positioned the company to capitalize on growing demand for eco-friendly vehicles. The system combines electric vehicle characteristics with internal combustion engine efficiency to improve real-world fuel economy.
Looking ahead, the company plans to expand its global footprint starting with the Actyon launch in Türkiye while introducing new models including the Musso EV and Torres Hybrid to further boost profitability.
The consecutive profit achievement marks a significant turnaround for KG Mobility as it competes against dominant domestic rivals Hyundai and Kia in the challenging South Korean automotive market.
