SsangYong & egrave; officially save. The heavy crisis in which the car manufacturer had ended is & egrave; concluded with the sale to a consortium led by Edison Motors . The first news of the possible acquisition had started circulating in October 2021. At the time, SsangYong was in receivership after Mahindra had decided to disengage from the relaunch operation.
The manufacturer was looking for a new buyer and the only viable proposal had come through Edison Motors, a company that manufactures electric trucks and buses. After a few months of negotiations, in the end, it is; Agreement found. The consortium, which also includes the Korea Corporate Governance Improvement (KCGI) and Keystone funds and the electronics company Semisysco, has signed an agreement which provides for the acquisition of a majority stake of the builder and all its activities production at a cost of 304.8 billion won, which at the exchange rate makes about 225 million euros.
This agreement already has; cleared by the Court . As the Korean brand was in receivership, a formal authorization was required. The recovery plan is now awaited, which should be presented within a few months. At that point you can & agrave; clearly understand what it will be; the new path that will follow SsangYong.
When the first rumors of the interest of the consortium led by Edison Motors emerged, there was talk of a restructuring plan heavily focused on electric cars. All that remains is to wait for more information on the future of the Korean manufacturer. For the time being, SsangYong has closed 2021 with a 21% drop in sales. The brand also announced that it has started taking reservations for its upcoming Korando e-Motion electric SUV.
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