SEOUL, April 1 (Korea Bizwire) — Ssangbangwool (SBW) Inc., the nation’s leading underwear maker, is considering buying debt-ridden SsangYong Motor Co., after an acquisition bid by another carmaker failed this week. An SBW official said Thursday the group recently sent the lead manager of the deal its intent to take over the domestic unit of [...]
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, Feb. 3 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Thursday it will launch its first all-electric SUV model in the domestic market. In the past three weeks, SsangYong Motor received 3,500 units of the Korando e-Motion subcompact SUV in preorders, with the new [...]
SEOUL, Jan. 27 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Thursday it has signed a parts supply deal with a Saudi Arabian carmaker. Under the seven-year deal, SsangYong Motor will initially provide semi knockdown units to Saudi National Automobiles Manufacturing Co. (SNAM) and then [...]
SEOUL, Jan. 25 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Tuesday it inked narrowed losses last year but remains in a complete capital erosion. Net losses narrowed to 292.9 billion won (US$244 million) in 2021 from 504.34 billion won a year earlier on companywide [...]
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. 22 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Wednesday it has signed an initial pact with Chinese electric vehicle maker BYD Auto Co. for EV battery development. SsangYong Motor on Tuesday signed a memorandum of understanding with BYD Auto to develop car [...]
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 [...]