SEOUL, June 20 (Korea Bizwire) — South Korean units of three foreign carmakers are finally pivoting to a more electric future in the face of toughening competition with their Korean rivals and luxury German brands as a way to survive in the changing business environment. The Korean units of three foreign carmakers — GM Korea [...]
SEOUL, June 15 (Korea Bizwire) — Financially troubled SsangYong Motor Co. said Tuesday it will launch its first electric vehicle (EV) in Europe later this year as it seeks to speed up its sales process and survive in the changing business environment. SsangYong said it named the EV variant of the Korando EV the Korando [...]
SEOUL, June 14 (Korea Bizwire) — Half of SsangYong Motor Co.’s workers will go on unpaid leave for two years beginning next month as part of self-help measures as the debt-ridden automaker is striving to speed up its sales process, the company said Monday. SsangYong said its management and labor union inked a deal on [...]
SEOUL, May 21 (Korea Bizwire) — The labor union of financially troubled SsangYong Motor Co. has called on the government to support the normalization of the company’s management, claiming that it is unfair to pass the responsibility of the company’s financial difficulties to the labor union. On Thursday, the labor union held a press conference [...]
SEOUL, April 25 (Korea Bizwire) – SsangYong Motor Co. is seeking to cut some 10 executive jobs as part of its restructuring efforts after being put under court receivership, an industry source said Sunday. SsangYong Motor has been in the debt-rescheduling process since April 15 as its Indian parent Mahindra & Mahindra Ltd. has failed [...]
SEOUL, April 15 (Korea Bizwire) – SsangYong Motor Co. was placed under court receivership once again Thursday as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening. The Seoul Bankruptcy Court approved the debt-rescheduling process for SsangYong Motor as U.S. [...]
SEOUL, April 2 (Korea Bizwire) — A court-led restructuring process for SsangYong Motor Co. is set to begin as early as next week as a sole potential investor didn’t submit a letter of intent to acquire the financially troubled carmaker, industry sources said Friday. SsangYong Motor’s Indian parent Mahindra & Mahindra Ltd. has been in [...]
SEOUL, Feb. 17 (Korea Bizwire) — South Korea’s top financial regulator said Wednesday it would be better to keep SsangYong Motor Co. afloat as its bankruptcy would result in massive job losses. Financial Services Commission (FSC) Chairman Eun Sung-soo made the remark during a meeting of the National Assembly National Policy Committee, answering a lawmaker’s [...]
SEOUL, Feb. 16 (Korea Bizwire) — Financially troubled carmaker SsangYong Motor Co. said Tuesday it will extend the suspension of its local plant this week due to a lack of parts from contractors. SsangYong Motor already halted its plant in Pyeongtaek, 70 kilometers south of Seoul, on Dec. 24, Dec. 28, Feb. 3-5 and Feb. [...]
SEOUL, Feb. 5 (Korea Bizwire) — Management crises are sweeping over South Korean units of foreign automakers. Financially-troubled SsangYong Motor Co. stalled operation of its plant in Pyeongtaek, 70 kilometers south of Seoul, last Wednesday after several subcontractors refused to supply essential parts and demanded payment. The South Korean unit of Indian carmaker Mahindra & [...]