Mahindra owned SsangYong Motors sold for $255 million

Mahindra acquired 74.65 per cent stake in SsangYong a decade ago. The Indian SUV also benefitted from the South Korean in terms of badge engineering, however, now SsangYong has been sold.

By Aditya Jadhav | on January 11, 2022 Follow us on Autox Google News

Mahindra acquired a 74.65 per cent stake in SsangYong a decade ago. The Indian SUV also benefitted from the South Korean in terms of badge engineering, however, now SsangYong has been sold.

Remember the SsangYong Rexton from almost a decade ago? SsangYong stepped into the country with support from Mahindra – as Mahindra held the majority of the stakes within the Korean brand. Since 2020 Mahindra has been looking forward to getting rid of the debt-laden SsangYong and the Korean carmaker filed for bankruptcy by the end of 2020  with an outstanding loan of 100 billion Won.

In the year 2021 SsangYong sales crashed to 84,000 per anum which is a drop of 21 per cent. SsangYong reported a January-September 2021 operating loss of 238 billion won (Rs 1,473 crore) from revenue of 1.8 trillion won (Rs 11,140 crore). By then SsangYong had been under court receivership.

Now, SsangYong Motors has been acquired by a local consortium for 305 billion Won or approximately Rs 1,887 crore ($254.56 million). SsangYong has been acquired by Edison Motors which is popular for producing electric buses and trucks.

While SsangYong Motors was under the Mahindra regime, the Korean brand sold the Rexton in India. However, the successor to the Rexton, made its debut under Mahindra’s umbrella by the name of Alturas G4. The Mahindra XUV300 which is on sale in India is largely based on the SsangYong Tivoli, however, Mahindra has worked upon the sub-4m-SUV to thoroughly Indianise it and bring it under four meters in length.

Also Read:

Interview with Harish Lalchandani, VP, Marketing,

Mahindra Automotive Mahindra XUV700, Track Test

Tags: Mahindra SsangYong

Write your Comment

Please tell us your city. This allows us to provide relevant content for you.