SEOUL, July 7 (Korea Bizwire) — KG Mobility, formerly SsangYong Motor Co., said Friday it will transform Edison Motors Co. into an environment-friendly commercial carmaker after it became the final bidder for the debt-laden electric bus maker. KG Mobility plans to expand Edison Motors’ large electric bus-focused lineup to include small and medium-sized buses and [...]
SEOUL, March 28 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday it has canceled the deal to sell its controlling stake to Edison Motors Co. due to the electric bus maker’s payment failure. SsangYong announced the termination of the contract with a local consortium [...]
SEOUL, March 27 (Korea Bizwire) — A local consortium’s planned acquisition of SsangYong Motor Co. may fall apart, as it failed to pay the remaining acquisition money for the SUV maker by the deadline, industry sources said Sunday. In January, the consortium led by Edison Motors Co. signed a final deal with SsangYong to take [...]
SEOUL, Jan. 10 (Korea Bizwire) — A Seoul court on Monday approved a local consortium’s acquisition of SsangYong Motor Co., paving the way for the financially troubled carmaker to get back on track. On the same day, the consortium led by electric carmaker Edison Motors Co. signed a final deal with SsangYong to take over [...]
SEOUL, Jan. 4 (Korea Bizwire) — A consortium led by South Korean electric carmaker Edison Motors Co. said Tuesday it aims to sign a final deal to acquire the embattled SsangYong Motor Co. by Monday. In April, SsangYong was placed under court receivership for the second time after undergoing the same process a decade earlier. [...]
SEOUL, Dec. 19 (Korea Bizwire) — A South Korean consortium led by local electric carmaker Edison Motors Co. agreed to purchase the financially-troubled SsangYong Motor Co. at a lower price with an accounting firm overseeing the sales, sources said Sunday. The move came after the Edison consortium, a preferred bidder that submitted the acquisition price [...]
SEOUL, Oct. 22 (Korea Bizwire) — Edison Motors Co., the likely preferred bidder for financially troubled SsangYong Motor Co., said Friday it aims to turn around SsangYong in three to five years by focusing on transforming it into an electric vehicle-focused carmaker. On Wednesday, SsangYong and its court-appointed lead manager recommended a local consortium led [...]
SEOUL, Oct. 20 (Korea Bizwire) — A South Korean consortium led by local electric carmaker Edison Motors Co. has been recommended as the preferred bidder to acquire SsangYong Motor Co., the company said Wednesday. “SsangYong and its lead manager have recommended the Edison Motors consortium as the preferred bidder for the carmaker,” a SsangYong Motor [...]