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
A secondary partner of Hyundai Motor has declared a withdrawal from business because of the COVID-19 crisis, raising concerns about production disruptions at first-tier partners and Hyundai Motor itself.Myungbo Industrial, a supplier of crash pads and fuse boxes, sent an official letter to Hyundai M
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
Korean carmakers saw their sales at home and abroad drop by up to 40 percent on year in May.Hyundai Motor sold 217,510 units worldwide in May, down 39.3 percent from May 2019 when it sold 358,567 units. In the domestic market, the carmaker sold 70,810 units, 4.5 percent more than the same period of
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
Financial Services Commission Chairman Eun Sung-soo said on May 28 that the government’s 40 trillion won key industry stabilization fund launched that day is no preferential treatment for certain companies and non-beneficiaries such as SsangYong Motor Company and low-cost carriers can be given finan
The South Korean government’s 40 trillion won key industry stabilization fund is scheduled to be put into operation next month. Its potential beneficiaries are companies in the aviation industry, the shipping industry and industries to be designated by the Financial Services Commission that have bee
SsangYong Motor's external auditor has issued a disclaimer of opinion on its quarterly financial statements, the ailing automaker said on May 17.Samjung KPMG said in its audit report that it gave a disclaimer of opinion because it viewed SsangYong Motor's existence as questionable. However,
In April, overseas sales volumes of five carmakers operating in Korea, including Hyundai and Kia, were hit hard by the new coronavirus pandemic. This is because the COVID-19 virus has spread worldwide, including in the United States and Europe, which are major auto markets, and local production base
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
LG Uplus announced on May 5 that it has finished testing services on a commercial 5G standalone (SA) network. The mobile carrier is expected to expedite the development of next-generation 5G services such as smart factories.The current 5G network is a non-standalone (NSA) 5G network which partially
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