SsangYong can still be saved!

SsangYong can still be saved!

FineAuto

A consortium led by a startup in the field of electric buses Edison Motors (also from South Korea) may become the buyer of the Korean automaker SsangYong Motor. SsangYong himself called him “preferred bidder.” This is reported by the Nikkei newspaper.

According to industry sources, the deal is estimated at about $ 260 million. At the moment, the SsangYong concern is under external control, that is, court approval is required for its sale. The automaker and the consortium are expected to sign a final agreement by the end of November.

Edison Motors was founded in 2015 and produces electric buses and also develops electric trucks. Under the new owner, SsangYong hopes to move into electric vehicles at its only plant in Pyeongtaek.

Recall that now the owner of the SsangYong concern is the Indian industrial conglomerate Mahindra & Mahindra, which acquired the company from the Chinese SAIC Motor in 2010. However, the already precarious position of the Korean brand was crippled by the COVID-19 pandemic: Mahindra refused to invest in the Korean company amid its own problems.

In December 2020, SsangYong Motor filed for bankruptcy of its own because it was unable to pay $ 148 million in urgent debts.

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