SsangYong saved from bankruptcy
Korean brand finally in the clear and gets a fresh injection of cash from new ownerSsangYong is officially saved from bankruptcy and has loosely outlined its plans for “fresh start” after a turbulent two years in which it was dumped by Mahindra and then fell through the cracks of a failed acquisition by Eddison Motors.
The Korean car-maker now belongs to conglomerate KG Group, which has paid off the brand’s court-ordered $340 million debt repayment plan and ‘rehabilitation costs’ to keep it afloat, allowing it to get back to designing, developing and producing motor vehicles.
With a new management structure in place, SsangYong says it will accelerate its future product rollout with electrification set to serve as the basis for its future growth, with the new SsangYong Torres global mid-size SUV laying the immediate ground work.
It seems SsangYong’s rugged new Toyota RAV4 rival is already finding fans in its native market, with brand executives referencing improved sales and a strengthening market position, however, the Torres is yet to be locked in for Australia.
With the turbulence of the past 23 months now behind it, SsangYong will launch its inaugural battery-electric offering, the SsangYong Korando e-Motion, globally in the first half of next year before zero-emission versions of the Torres and SsangYong Musso ute materialise later in 2023 or 2024.
“On behalf of everyone at SsangYong Motor, we would like to express our sincere gratitude to all stakeholders, including the Seoul Rehabilitation Court, creditors and partners for their understanding and support in successfully completing the corporate rehabilitation procedure, and laying the foundation for the company's business normalisation,” said SsangYong in a statement.
“We particularly reach out to our customers to thank them for their loyalty, and as a completely new and transformed business, aim to reward them by providing the best possible customer service, and thank them for their patience.”
Despite all the drama surrounding its ownership and future, SsangYong has enjoyed strong sales growth in Australia so far this year, posting a 17.9 per cent sales improvement in the first 10 months of 2022, when the Musso remained the brand’s most popular model.
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