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 [...]
SEOUL, Aug. 29 (Korea Bizwire) — Cash-strapped carmaker SsangYong Motor Co. plans to receive acquisition proposals through mid-September, as a two-way race between two local investors is expected, industry sources said Sunday. The firm plans to receive bids from potential buyers through Sept. 15. So far, a total of 11 investors from home and abroad [...]
SEOUL, Aug. 17 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Tuesday its first-half net losses narrowed from a year earlier on self-rescue measures. From January to June, SsangYong Motor’s net losses fell to 180.53 billion won (US$154 million) from a net loss of 202.38 [...]
SEOUL, Aug. 9 (Korea Bizwire) — Another homegrown equity fund renowned for its failed attempt to take over the holding company of the country’s largest airline last year has joined a consortium to acquire SsangYong Motor Co., the consortium said Monday. The Korea Corporate Governance Improvement (KCGI) fund came aboard the consortium that Edison Motors [...]
SEOUL, July 26 (Korea Bizwire) — Financially troubled SsangYong Motor Corp. on Monday revealed a design sketch of its new sport utility vehicle under development as it tries to revive sales with next-generation models. The SUV-focused automaker teased the design sketch of the new SUV codenamed KR10, saying its design language is “Powered by Toughness.” [...]
SEOUL, July 26 (Korea Bizwire) — South Korean units of three foreign carmakers suffered the worst sales slump since 1998 in the first half of this year in the face of toughening competition with their Korean rivals and luxury German brands, industry data showed Monday. The Korean units of GM Korea Co., Renault Samsung Motors [...]
SEOUL, July 25 (Korea Bizwire) – The head of U.S.-based vehicle importer HAAH Automotive Holdings Inc. has said the company is set to submit its letter of intent this week to acquire SsangYong Motor Co., industry sources said Sunday. HAAH Automotive Holdings founder Duke Hale said HAAH is the optimal company to acquire financially troubled [...]
SEOUL, July 12 (Korea Bizwire) — SsangYong Motor Co. said Monday its employees began to take unpaid leave in rotation as part of self-help measures. Last month, SsangYong workers agreed to the company’s offer of two-year rotational unpaid leave for 4,700 employees, an extension of a cut in wages and suspended welfare benefits until June [...]
SEOUL, July 10 (Korea Bizwire) — SsangYong Motor Co., a debt-ridden automaker, has decided to sell the site of its plant in Pyeongtaek as part of self-rescue efforts, the local government said Saturday. The company has been under court receivership since April, as its Indian parent, Mahindra & Mahindra, failed to secure a buyer for [...]