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SsangYong Motor Co. launched a downsized 1.2-liter gasoline-powered Tivoli SUV in Europe last week to help revive sales.
The South Korean unit of Indian carmaker Mahindra & Mahindra Ltd. sells the Tivoli models with a 1.5-liter turbocharged gasoline engine or a 1.6-liter diesel engine, along with their flagship G4 Rexton, Korando and Rexton Sports SUVs.
It sells most of its models in Europe and has struggled with worsening performance since 2017.
Business got worse in the first quarter of the year, with net losses increasing to 193.54 billion won from 26.12 billion won in the same period last year due to the COVID-19 outbreak and lack of new models.
Sales from January to April plummetted 33 percent to 30,952 units from 45,908 in the same period last year.
Following its self-rescue measures, the company suspended employees' welfare benefits in September last year and cut some of their wages and bonuses in December.
