Ssangyong Motor Co., a South Korea-based automaker owned by India’s Mahindra & Mahindra Ltd. which has been in the red for nearly three years, saw losses deepen in the third quarter to perform its worst since the global financial crisis a decade ago.

The automaker specializing in SUVs on Friday reported consolidated operating loss in the July-September period of 105.2 billion won ($89.1 million), sharply widening from a 49.1 billion won loss in the previous three months and 22 billion loss in the year-ago period. The third quarter beat the full-year loss of 64.2 billion won in 2018 and was the first stretch beyond 100 billion won since 2008. The company was in the red for the 11th consecutive quarter.

Sales totaled 836.4 billion won, down 10.6 percent on quarter and 7.22 percent on year. Net loss was widened to 107.9 billion won, double the previous quarter and nearly six times larger than a year earlier.

Ssangyong Motor woes worsened on sluggish demand and increased competition on the SUV front. Sales of the upgraded version of its best-selling compact sport utility vehicle Tivoli and the new Korando gasoline model are still struggling amid heated competition in those segments, the company said.

Increased investment to bolster its green car lineup and self-driving tech capabilities has also led to higher depreciation expenses, it said.

The company sold 31,126 cars in the third quarter, 11.4 percent lower than a year earlier. But year-to-date sales have just slipped 0.8 percent compared with a year ago. Outbound shipments to Europe and the Middle East flagged but domestic sales rose 2 percent as it gained market share, the company said.

Ssangyong Motor said it has reached an agreement with the labor union on a self-rescue plan amid mounting losses. It has also embarked on a companywide effort to secure new growth engines and rationalize businesses, it added.

The company said it has been going all out in its overseas operations, with Chief Executive Yae Byeong-tae touring Europe to market the global launch of the new Korando from September. It has recently signed a licensing contract with Saudi National Automobiles Manufacturing to sell its Rexton Sports series in the country.

By Lee Jong-hyuk and Kim Hyo-jin

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