SEOUL, Oct. 18 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Friday its net losses widened in the third quarter from a year earlier on weak sales. Net losses for the July-September quarter deepened to 107.9 billion won (US$92 million) from 18.2 billion won a [...]
SEOUL, Sept. 20 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Friday it will enact a set of cost-cutting measures to cope with mounting losses. In the “preemptive self-help” measures, the company will reduce benefits, such as education expenses for children and medical coverage for [...]
SEOUL, Aug. 6 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Tuesday it is considering some belt-tightening measures due to increased losses. In a letter sent to employees last week, SsangYong Motor President and CEO Yea Byung-tae said the company will begin discussing a set [...]
SEOUL, Feb. 8 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Friday that it has successfully tested a partially self-driving system on its upcoming sport utility vehicle set to be unveiled in March. The automaker has been developing the midsize SUV under the project name [...]
SEOUL, Feb. 1 (Korea Bizwire) — Vehicle sales of South Korea’s five carmakers fell 5.5 percent last month from a year earlier on weak overseas demand, corporate data showed Friday. The five carmakers — Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. — sold a combined [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s three listed carmakers are betting big on sport-utility vehicles (SUVs) to bolster sales in 2019 after posting lower-than-expected earnings results last year. With ongoing trade friction between the United States and China and the global economy slowing down, Hyundai Motor Co., Kia Motors Corp. and SsangYong Motor [...]
SEOUL, Sept. 14 (Korea Bizwire) — SsangYong Motor Co. and its union have reached an agreement to rehire the remaining 119 workers who were fired amid the carmaker’s restructuring efforts a decade ago, the company said Friday. SsangYong Motor said in a statement that it will rehire 60 percent of the workers by the end [...]
SEOUL, Jul. 23 (Korea Bizwire) — SsangYong Motor Co. said Monday it will set up its first direct overseas sales subsidiary in Australia in November to absorb growing local demand for sport-utility vehicles. Upon the establishment of the Australian sales subsidiary, SsangYong Motor plans to launch the Tivoli and G4 Rexton, Rexton Sports SUV models [...]
SEOUL, Jun, 28 (Korea Bizwire) — A former employee of SsangYong Motor who worked at the company’s Pyeongtaek factory before being laid off has been found dead in what appears to have been the 32nd suicide death by former SsangYong employees after the carmaker instigated massive layoffs in 2009. Around 3:50 p.m. yesterday, a former [...]
PYEONGTAEK, March 19 (Korea Bizwire) — Comparing themselves to working cows, 150 fired employees of Ssangyong Motor and civic group members in the city of Pyeongtaek pushed and pulled ten of the South Korean automaker’s vehicles on the road as part of a rally calling for the reinstatement of fired workers. The rally, which consisted [...]