SsangYong on the lookout for a new buyer, as Mahindra signals plans to exit Korean automaker

SsangYong on the lookout for a new buyer, as Mahindra signals plans to exit Korean automaker

SsangYong Motor is on the lookout for a potential buyer, following Mahindra & Mahindra having said that it was willing to let go of its ownership stake in the struggling Korean automaker, Reuters reports. Mahindra saved SsangYong from insolvency with a deal in 2010, and presently holds a 74.65% share of the company.

This comes following news that emerged in April, when Mahindra said it would no longer invest in SsangYong, and had asked the Korean brand to look elsewhere for funding. The Indian conglomerate had previously said it would be pumping US$423 million into SsangYong to make it profitable by 2022, but then Covid-19 showed up, effectively ending that plan.

According to South Korean media, SsangYong has reportedly picked Samsung Securities to tap the market for a possible investor. Citing unnamed sources, the news reports said that Chinese automakers Geely and BYD might be interested in the Korean company, but a representative for Geely said the company has no plan to participate in any bidding for SsangYong, while BYD declined to comment on the matter.

SsangYong has been ailing for a long while. The company reported its 13th consecutive quarterly operating loss in January-March, and is heavily burdened by debt. Sales of its vehicles have been poor and diminishing yearly – the Korean brand sold just 14,627 vehicles in Europe last year, down 10% from 16,082 units sold in 2018.

Earlier this year, SsangYong had planned to begin selling a fully electric version of its Korando SUV in Europe. The electric model was due to be displayed at this year’s Geneva Motor Show, which ended up being cancelled due to the Covid-19 outbreak.

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Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.



  • Norlia on Jun 22, 2020 at 6:18 pm

    Geely interested Korea LHD market.. Bts kpop wei

    Like or Dislike: Thumb up 6 Thumb down 3
  • Karam Singh on Jun 22, 2020 at 8:07 pm

    Relax. Proton sold zero units of cars in Europe from 2010 until today. No worries at all.

    Like or Dislike: Thumb up 4 Thumb down 4
  • dream_125 on Jun 22, 2020 at 9:05 pm

    Korrado uses M161, M162, OM661 and OM662 Mercedes engines built under license. That’s why they still sold quite a lot of cars in Europe (spare parts are easily available, a lot of qualified mechanics for that engines too).

    Like or Dislike: Thumb up 1 Thumb down 0
  • Semi-Value (Member) on Jun 22, 2020 at 10:25 pm

    lol problem with this brand, the koreans bought it only because it was korean, when it turned indian, nobody wanted one.

    Like or Dislike: Thumb up 7 Thumb down 4
  • Bieight on Jun 22, 2020 at 10:26 pm

    Looks ugly

    Like or Dislike: Thumb up 0 Thumb down 0
  • C.P. MOHAN on Jun 22, 2020 at 10:42 pm

    EV and Europe hence European marques are selling their internal combustion engines to countries that do not have stringent policies on EV.

    Like or Dislike: Thumb up 0 Thumb down 0
  • azrai on Jun 23, 2020 at 7:14 am

    Li Shufu, do you read this?

    Like or Dislike: Thumb up 1 Thumb down 1

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