Deutsche Motors announced on July 27 that it achieved sales of 710.9 billion won and an operating profit of 12.9 billion won in the second quarter of this year.
While sales increased by 8.6% compared to the same period last year, operating profit saw a decline of 6%.
However, for the first half of the year, cumulative sales reached 1.3483 trillion won, and operating profit was 23.4 billion won, marking increases of 9.4% and 7.8%, respectively, compared to the same period last year.
A representative from Deutsche Motors stated, "In the second quarter, intensified competition among imported car brands and growing economic uncertainty have added to the challenges faced by the imported car industry. Nevertheless, we maintained solid profitability thanks to our proactively established multi-brand portfolio and improved performance from our subsidiaries."
Notably, the rapid growth of BYD (DT Networks), which has been pursued as a new growth driver, effectively offset the slowdown in the internal combustion engine vehicle market.
The BYD business, which began in earnest last year, has expanded its vehicle lineup, achieving sales of 144.9 billion won and an operating profit of 4.3 billion won in the first half of this year, successfully turning a profit. The company explained that it has become a key pillar in enhancing both the stability and growth of the overall business portfolio.
The decision to end operations at British Auto, a subsidiary managing the Jaguar Land Rover business, at the end of June, which had been struggling with profitability due to business restructuring, also contributed to the improvement in performance.
Kwon Hyuk-min, CEO of Deutsche Motors, stated, "We will complete a sustainable and stable business structure as soon as possible this year and do our utmost to secure profitability. We will also continue to implement policies to enhance shareholder value, including a stable dividend policy, to meet shareholder expectations."
* This article has been translated by AI.
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