The South Korean automaker wasn’t pleased with the ride.
SsangYong is said to be getting a new start thanks to a six year-old electric vehicle startup. The South Korean automaker filed bankruptcy in December 2020. It is currently in court receivership.
According to Nikkei Asia SsangYong selected an Edison Motors-led tie up as its preferred bidder. According to sources, the deal is estimated to be worth approximately $260 million. Both the automaker and the bidder will likely finalize the deal and ink an agreement.
Corporate Accord towards the end November Edison was established in 2015. It is well-known for its ability to develop electric buses and commercial trucks. Its interest in SsangYong is due to its desire to enter the passenger vehicle market. The automaker has a factory in Pyeongtaek that will mass-produce passenger EVs.
It would be a lie to say that SsangYong Motor has had a smooth-sailing corporate career. South Korea’s fourth largest automaker was founded in 1986. Its high-profile partnership in 1991 with Daimler enabled it to create an SUV with Mercedes Benz technology.
In 1997, Daewoo purchased a controlling stake in SsangYong. This was short-lived, as Daewoo sold its shares. Chinese automaker SAIC purchased a 51 percent stake in SsangYong back in 2004.
The company suffered a loss of $75.42 million in 2009 and was placed under receivership.
Mahindra & Mahindra purchased the company in 2011 at a cost of $463.6 million. While it appeared that the Korean automaker was on its feet after Mahindra, it couldn’t recover fully, which is what led to its debt-laden current state.
SsangYong doesn’t plan to stop despite the long history of difficulties. SsangYong has unveiled a design concept, the X200. This is to capitalize on the growing popularity of SUVs.