Ssangyong Motor is looking into changing the company name.
On October 3, Ssangyong Motor CEO Lee Yoo-il held a press conference in Wiesbaden, Germany, and said, “The Ssangyong name does not have much meaning anymore.” He added, “I’ve ordered the marketing team to look for a name that has a Korean feel but can give the brand a new image.”
Lee explained that the company name change is part of efforts to clear its past of going through seven different owners and build a new brand image. “If you search for Ssangyong Motor on the Internet, you find things like worker discharges and militant labor unions. This is one of the reasons a company name change is necessary,” Lee said.
Lee explained that Ssangyong Motor also needs a name that is easier to say in foreign markets. “Ssangyong is thinking to go to the US market within a couple of years,” he said.
“We haven’t finalized our decision to change the company name. We are still looking into it,” said Ssangyong Motor personnel.
Lee also announced that Ssanyong Motor will speed up its business operations in South America. “We are performing due diligence for building an assembly plant in Sao Paulo or Manaus,” said Lee. Ssangyong will also build a CKD plant in Russia, where it holds a 3% market share.
However, Ssangyong Motor needs a way to increase production volume in order to do business abroad. Conflict with the labor union has held back production. “Ssangyong is still in the growth stage and needs the support of the union. If the company falters, no good will come for the employees,” Lee emphasized.