SsangYong Motor Co. said Monday its sales plunged 53 percent last month from a year earlier on weaker demand for its models and a prolonged chip shortage.

SsangYong Motor sold 4,749 vehicles in October, down from 10,197 units a year earlier, the company said in a statement.

Domestic sales dropped 57 percent to 3,279 units last month from 7,612 a year ago, while exports declined 42 percent to 1,500 units from 2,585 during the same period, it said.

From January to October, sales fell 22 percent to 66,603 autos from 84,904 during the same period of last year.

SsangYong Motor's lineup consists of the Tivoli, Korando, Rexton and Rexton Sports SUVs.

The SUV-focused carmaker has been in a debt-rescheduling process since April 15 as its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor amid the prolonged COVID-19 pandemic and its worsening financial status.

It filed for court receivership in December 2020 after failing to obtain approval for the rollover of 165 billion won ($148 million) of loans from creditors.

SsangYong and its lead manager, the EY Hanyoung accounting firm, recently selected a local consortium led by Edison Motors Co. as the preferred bidder for the debt-laden carmaker. (Yonhap)