India's Mahindra and Mahindra Ltd., the biggest shareholder of Korea’s SsangYong Motor, is in talks with an investor to sell its stake in the struggling Korean automaker by next month, the company’s managing director said in a news conference on Jan. 1.Pawan Kumar Goenka, who is also the chairma
The Seoul Bankruptcy Court approved an autonomous restructuring support program for SsangYong Motor on Dec. 28. The initiation or non-initiation of its corporate rehabilitation procedure will not be determined until Feb. 28 next year and the automaker now can negotiate with creditors for debt maturi
Mahindra & Mahindra applied for SsangYong Motor’s rehabilitation on Dec. 21. This sudden application is interpreted as brinkmanship based on the assumption that the Moon Jae-in administration, whose top priorities include stable employment, will not let more than 5,000 unionized workers walk out to
SsangYong Motor applied for corporate rehabilitation on Dec. 21 after having failed to repay 165 billion won to financial institutions due to its 15-quarter red ink. This is its second rehabilitation application after January 2009.The automaker applied for autonomous restructuring support, too. This
SsangYong Motor and GM Korea are showing contrasting performances in the same crisis and the difference is because of their diametrically opposite labor-management relations.SsangYong sold 11,859 cars last month, up 10.3 percent from a year ago and up 16.3 percent from the previous month. The worker
SsangYong Motor Co., part of India's Mahindra Group, announced on Dec. 1 that the company sold a total of 11,891 units in November 2020 – 9,270 units in domestic sales and 2,589 in exports.In November, SsangYong recorded its highest ever monthly sales this year again following October, exceeding
SsangYong Motor Co., part of India's Mahindra Group, announced on Nov. 2 that the company sold a total of 10,197 units in October 2020 – 7,612 units in domestic sales and 2,585 in exports.In October, SsangYong recorded the year's highest monthly sales, helped by sales uptrend in exports, exc
SsangYong Motor Co., part of India's Mahindra Group, announced on Oct. 26 that it sold 25,350 units, posted revenue of 705.7 billion won, an operating loss of 93.2 billion won, and a net loss of 102.4 billion won in the third quarter of 2020.The company's operating loss has decreased thanks
SsangYong Motor Co., part of the Mahindra Group, announced on Oct. 5 that the company sold a total of 9,834 units in September 2020 – 8,208 units in domestic sales and 1,626 in exports.SsangYong’s September sales jumped 22.5 percent from the previous month thanks to aggressive sales promotions at ho
SsangYong Motor Co., part of the Mahindra Group, announced on Sept. 1 that the company sold a total of 8,027 units in August 2020 – 6,792 units in domestic sales and 1,235 in exports.SsangYong’s August sales rose 7.2% from the previous month, showing an uptrend in sales at home and abroad. It result
SsangYong Motor is being driven towards court receivership again 11 years after Shanghai Automotive Industry Corp. gave up its management in 2009. The ailing automaker can avoid the worst-case scenario of filing for court receivership if it attracts a new investor, but no companies are willing to in
India's Mahindra and Mahindra, the largest shareholder of SsangYong Motor, is in talks with companies interested in investing in the ailing Korean automaker, and will give up its status as the largest shareholder when a new investor has been found. To that end, the Indian business group plans to
SsangYong Motor Co., part of the Mahindra Group, announced on Aug. 3 that the company sold a total of 7,489 units in July 2020 – 6,702 units in domestic sales and 787 in exports. SsangYong’s July sales declined 30.6 percent over the same month last year, affected by the reduction of the government’s
SsangYong Motor Co., part of India's Mahindra Group, announced on July 27 that it sold 49,419 vehicles, posted revenue of 1,356.3 billion won, an operating loss of 215.8 billion won, and a net loss of 202.4 billion won in the first half of 2020.Despite its efforts to reduce fixed costs through s
Officials of Samsung Securities and Rothschild, the two leader managers for the sale of SsangYong Motor, have begun due diligence on the ailing carmaker’s Pyeongtaek plant. They have started to assess the status of SsangYong Motor before launching a full-fledged sale process.The on-site due diligenc
Korea Development Bank (KDB) is expected to roll over a total of 90 billion won in loans to SsangYong Motor.The ailing automaker has recently applied for an extension of the maturities of the loans due on July 6 (70 billion won) and on July 19 (20 billion won). KDB is expected to make a decision as
SsangYong Motor has signed a basic contract with Songuo Motors, a Chinese electric vehicle manufacturer, and Hyolim Precision, a Korean auto parts manufacturer, on knockdown sales of the Tivoli and platform technology cooperation.The three companies held a signing ceremony at SsangYong Motor's S
SsangYong Motor is not eligible for support from the Basic Industry Stability Fund, state-run Korea Development Bank (KDB) said on June 17."Companies that had management problems before the beginning of the COVID-19 crisis are not eligible for support from the Basic Industry Stability Fund," said Ch
SsangYong Motor's Indian parent company Mahindra & Mahindra has reaffirmed its intention to give up control of its ailing Korean subsidiary."Ssangyong Motor needs a new investor,” said Pawan Goenka, managing director of Mahindra & Mahindra and chairman of the board of directors of SsangYong Moto
Hyundai Motor and Kia Motors expanded their combined market share in the first quarter of 2020 when global automakers faced a sales cliff in the aftermath of the new coronavirus outbreak.Hyundai and Kia saw their combined market share expand in five of the world’s seven major overseas automobile mar