The domestic sales volumes of the five carmakers in South Korea totaled 138,530 vehicles last month, up 23.3 percent from a year ago.Hyundai increased its sales volume by 33.8 percent to 67,080 and Kia sold 51,211 cars to show a year-on-year increase of 21.9 percent. The Kia Carnival posted a sales
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 Engineering & Construction announced on Sept. 24 that its chairman Kim Seok-joon went on a business trip to Dubai on Sept. 22 despite the COVID-19 pandemic.Kim flew to Dubai to visit the construction site of Royal Atlantis Hotel, which is scheduled to be completed in June 2021. The project
The Korea Auto Industries Cooperative Association announced on Sept. 24 that 84 listed auto parts manufacturers posted a combined operating loss of 84.5 billion won in the first half of this year whereas their operating profit exceeded 700 billion won in the first half of last year. Their operating
The Ministry of Trade, Industry and Energy announced on Sept. 18 that South Korean automakers’ production, domestic sales and exports decreased 6.4 percent, 1.2 percent and 15.8 percent from a year ago last month, respectively.Specifically, the production volume totaled 233,357 vehicles amid the sec
The author is an analyst of Shinhan Investment Corp. He can be reached at hyunwook.kim@shinhan.com. -- Ed. Collapse of HDC-Asiana deal could lead to: 1) legal battle over deposit; and 2) differential capital reductionHDC Hyundai Development Company’s planned acquisition of Asiana Airlines is likely
The author is an analyst of KB Securities. He can be reached at moonjoon.chang@kbfg.com. -- Ed. Capital to be streamlined with 10:1 capital reduction and preferred share buyback/retirementOn Sep 1, Ssangyong Cement announced a 10:1 capital reduction (common shares) and preferred share buyback/retire
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
South Korean automakers’ sales volumes totaled 573,279 cars last month, down 10.5 percent from a year ago. Previously, their year-on-year decline amounted to 48.4 percent in April in the wake of COVID-19 and it decreased to 9.1 percent in July. Last month, their domestic and overseas sales volumes f
HAAH Automotive Holdings, a U.S. automobile distributor, is reportedly preparing a proposal to take over SsangYong Motor. HAAH Automotive is known to be in close partnership with Chery. It is reportedly planning to assemble and sell Chery models in the United States.HAAH Automotive is expected to pr
Korean automobile exports fell by a double-digit figure in July as the COVID-19 impact continued. Production decline slowed down as domestic demand for vehicles grew for the fifth straight month in July. Of note is that exports of electric vehicles doubled.According to the Ministry of Trade, Industr
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
Weighed upon by the COVID-19 impact, the five automakers producing cars in Korea suffered a sharp drop in vehicle exports for the fourth consecutive month in July.Domestic and overseas sales of the five carmakers reached 584,042 units in July, down 9.2 percent from the previous year. Of the total, o
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
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. With the reconstruction levy now imposed in earnest and the pre-sale price cap system set to take effect in August, reconstruction centering on the Gangnam district is likely to shrink further. H
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
Car sales in Korea shot up in June thanks to the effects of new car launches and individual consumption tax cuts. In the overseas market, Hyundai Motor and Kia Motors showed signs of a recovery, while the three other companies — GM Korea, Renault Samsung and SsangYong Motor — still struggled.Hyundai