Ssangyong Motor

SEOUL, Oct. 27 (Yonhap) -- SsangYong Motor Co. said Friday it swung to a net loss in the third quarter on lower global demand for its vehicles. 

The SUV-focused carmaker posted a net loss of 17.7 billion won (US$16 million) in the three months ending on Sept. 30, shifting from a net profit of 18.3 billion won a year earlier, the company said in a statement. 

The number of vehicles shipped in the third quarter plunged 28 percent to 9,928 units from 13,873 a year ago. Domestic sales rose 14 percent to 26,378 from 23,233 during the same period, it said. 

Operating losses widened to 17.4 billion won in the September quarter from 7.3 billion won a year earlier. Sales rose 5.9 percent to 900.7 billion won from 850.8 billion won. 

The maker of the Tivoli and G4 Rexton SUVs suffered lower demand from emerging markets such as Russia, Latin America and Iran in the third quarter. 

"We began shipping the flagship G4 Rexton SUV to Europe in August and it will go on sale from the fourth quarter there. We are also planning to launch the large SUV in emerging markets next year to boost sales," a company spokesman said. 

Indian carmaker Mahindra & Mahindra Ltd. owns a 72.85 percent stake in SsangYong Motor. 

kyongae.choi@yna.co.kr