SsangYong Motor Co., part of India's Mahindra Group, announced on June 1 that the company sold a total of 8,286 units in May 2020 -- 7,575 units in domestic sales and 711 in exports.SsangYong’s new bookings in May jumped by over 50 percent month-on-month thanks to strengthened sales promotions,
SsangYong Motor said on June 1 that it has sold a service center in Seoul to weather a liquidity crunch worsened by the COVID-19 outbreak.SsangYong Motor sold an after-sales service center in Guro, Seoul, for 180 billion won (US$147 million) to PIA, an asset management firm in Korea. "The sale of th
SsangYong Motor Co., part of the Mahindra Group, announced on May 6 that the company sold a total of 6,813 units in April 2020 -- 6,017 units in domestic sales and 796 in exports.SsangYong’s April sales declined 46.4 percent over the same month last year due to the production setback resulting from
SsangYong Motor is planning to launch a mid-sized sport utility vehicle (project name J100) and an electric vehicle (EV) in the first half of 2021.The ailing automaker is seeking another leap forward by completing its SUV lineup with the launch of the J100 and expanding into eco-friendly cars with a
SsangYong Motor announced on April 27 that it paid salaries 100 percent to all employees on April 24, even though it fell into a liquidity crisis due to Mahindra’s cancellation of a plan to pump 230 billion won into the automaker. Mahindra of India is the parent company of SsangYong Motor. Earlier t
SsangYong Motor's labor and management are calling for government support to stay afloat.The automaker announced on April 20 that it held a signing ceremony for wage and collective bargaining agreements for 2020 at its Pyeongtaek plant on April 17. The labor and management reached a dispute-free
SsangYong Motor announced on April 12 that its parent company, Mahindra Group of India, decided in a board meeting on April 10 to provide special funds of 40 billion won to it.Mahindra provides the funds to its Korean subsidiary to solve its urgent liquidity problem. The funds will be initially trea
With the Mahindra Group having canceled its 230 billion won investment in SsangYong Motor Co., the Financial Services Commission (FSC) said on April 6 that creditors, shareholders, employees and employers will seek a solution by joining forces.According to the FSC, the Mahindra Group recently announ
India's Mahindra Group is planning to withdraw its investment from SsangYong Motor Co. and both GM Korea and Renault Samsung Motors are becoming increasingly anxious as GM and Renault are taking a direct hit from the spread of COVID-19 in the United States and Europe.Besides, GM Korea and Renaul
India's Mahindra Group scratched off a 230 billion won support plan for SsangYong Motor, its struggling Korean subsidiary, on April 3 (local time). This reminded the domestic business community of China’s Shanghai Motor in 2008. SsangYong Motor entered a workout in 1999. Shanghai Motor acquired
SsangYong Motor Co., part of India's Mahindra Group, announced on March 2 that the company sold a total of 7,141 units in February 2020 -- 5,100 units in domestic sales and 2,041 in exports.SsangYong’s February sales dropped 27.4 percent over the same month last year due to a depressed domestic
SsangYong Motor may lose third place in the Korean car market to GM Korea or Renault Samsung Motors this year.GM Korea officially started to count sales of its new compact sport utility vehicle (SUV) Trailblazer in February and Renault Samsung Motors is also planning to launch its new XM3 in March.
SsangYong Motor Co., part of India's Mahindra Group, announced on Feb. 7 that the company sold 135,235 units at home and abroad in 2019, posting a revenue of 3,623.9 billion won, an operating loss of 281.9 billion won, and a net loss of 341.4 billion won.Despite strong domestic sales, the compan
SsangYong Motor Co., part of India's Mahindra Group, announced on Feb. 3 that the company sold a total of 7,653 units in January 2020 -- 5,557 units in domestic sales and 2,096 in exports.SsangYong’s January 2020 sales dropped 33 percent over the same month last year due to depressed auto market
Pawan Goenka, managing director of Indian carmaker Mahindra & Mahindra Ltd., met with Lee Dong-geol, chairman of Korea Development Bank (KDB), on Jan. 16 in Seoul to ask for financial support for SsangYong Motor, its Korean affiliate.Goenka, who is also the chairman of SsangYong Motor’s board of dir
SsangYong Motor, part of India's Mahindra Group, announced on Jan. 2 that the company sold a total of 12,923 units in December 2019 --10,574 units in domestic sales and 2,349 in exports.SsangYong’s December sales increased 20.2 percent from the previous month, driven by domestic sales growth. Sa
A senior executive of U.S. automaker Ford will visit SsangYong Motor this month to discuss ways to sell vehicles produced at Ssangyong’s plant in Pyeongtaek under the Ford brand in overseas markets. A triangular alliance involving Ssangyong, Mahindra and Ford has been forged to support the financial
Korea Development Bank (KDB) is reportedly considering extending the maturity of its 90 billion won loan to SsangYong Motor, which is suffering from severe financial trouble due to sluggish sales.If KDB agrees to extend the maturity of the loan, which matures next year, SsangYong Motor will be able
SsangYong Motor Co. announced on Dec. 19 that its additional business reform plan is under an internal consent procedure. According to the plan, employees’ 200 percent bonus will be returned along with production incentives and the pay for unused annual leave will be reduced from 150 percent to 100
SsangYong Motor’s labor and management agreed to reduce labor cost on Dec. 19. The ailing automaker’s labor and management have been implementing voluntary cost-cutting measures since September in their bid to draw support from Korea Development Bank, its main creditor bank, and India’s Mahindra Gro