SsangYong Motor UK reports -£8.3m losses in 2018

SsangYong Motor UK turned in pre-tax losses of -£8.3m on turnover of £64.2m in 2018. The company generated -£9.7m losses on £60.8m turnover the prior year.

Challenges it faced in 2018 included the switch away from diesel and some stocking issues, now resolved.

“We continued to address the key challenges for the business in 2018, the results for which include a number of legacy issues.

“These were addressed fully by the end of the year, including the costs of realignment of stock mix and levels to be in line with market.”

SsangYong is pushing hard to build the brand in the UK, spending £11.6m in distribution during the year.

It is ramping up its recruitment in order to attract new players to its network and aims to have 90 dealers in place at the close of 2020 compared to about 65 now.

In results filed at Companies House SsangYong Motor UK managing director Nick Laird said the company continues to get strong support from its owner.

“During the second half of 2018 further support was injected from the parent company Bassadone Automotive UK, in order to increase the available working capital and increase the share capital of the business.

“The Bassadone Automotive Group remains committed to the SsangYong brand in the UK market,” said Laird.

SsangYong has been building its product base. In August it launched the all-new Korando C-segment SUV.

The brand is committed to introducing or replacing one model a year until 2022.