SsangYong Motor will invest a total 1 trillion won (approximately US$900 million) for the coming four years to develop electric vehicles (EV) jointly with India-based Mahindra Group and launch them in 2019.
“We are aiming to develop high-end EVs by 2019 to enter the U.S. and Chinese markets,” Anand Mahindra, chairman of the Mahindra Group, said in a press conference held on the sidelines of the biennial Seoul Motor Show at the KINTEX in Ilsan near Seoul.
Anland Mahindra, who visited Seoul to celebrate the launch of G4 Rexton sport utility vehicle, said, “I am confident it will be a game changer for SsangYong in the largest SUV market, just as I felt two years ago when Tivoli was unveiled and it would be a game changer for SsangYong in the compact SUV."
SsangYong Motor also unveiled the strategy to develop new vehicles. “The electric vehicles to be developed will not be entire new platforms, but modified ones adopting the existing platforms like those of Tivoli or Korando, said CEO Choi Jong-sik of SsangYong Motor. Chairman Mahindra also said, “Mahindra will share the test results that it obtained recently from participating in the league of Formula 1 EV Race,” adding Mahindra is the first runner in the Indian VE market.”
“Mahindra has invested over US$1 billion in the past five years after it acquired SsangYong Motor,” managing director of Mahindra & Mahindra Pawan Goenka said, adding, "Mahindra is fully supporting behind all of the required investment for SsangYong.”
Mahindra & Mahindra owns a 72.85 percent stake in SsangYong. The Indian car maker acquired the Korea-based car maker in March 2011, which was in bankruptcy proceedings. SsangYong made a turnaround to the black in 2016 for the first time since the acquisition on strong sales of new models like Tivoli compact SUV.