Mahindra & Mahindra Ltd.

Ssangyong Motor Company, part of the $12.5 billion Mahindra Group, has reported the revenues for the first half of calendar 2011 was KRW 1,349.2 billion, a growth of 43% over the corresponding period of last year. Ssangyong Motor sold a total of 55,873 vehicles (including CKD shipments) in the first half of 2011, recording a 53% increase over the same period of last year. Of these, 20,246 vehicles were sold in South Korea and 35,627 vehicles (including CKD shipments) were exported. This is the highest level of sales volume achieved in a half year period since 2007.  

The sales volume in the second quarter of 2011 was 31,132 vehicles, a growth of 45% over the corresponding period of the previous year. This was the highest quarterly sales volume achieved since the third quarter of 2007 and the highest export volumes in the history of the company. Revenues in the second quarter were at KRW 729 billion, a growth of 35%. The volume growth was attributed by the company to the successful launch of Korando C in South Korea and continued strong demand for it and other models in export markets. Improved impetus from the company’s distribution network as well as improved demand conditions in some key export markets were other reasons for this stellar growth. The company has also achieved the highest level of export volumes in a quarter in the second quarter of 2011.

SsangYong was acquired by India’s Mahindra & Mahindra in February 2011, after being named the preferred bidder in 2010 to acquire the bankruptcy-protected company. Mahindra’s acquisition was approved by South Korea’s Free Trade Commission.