Financially troubled SsangYong Motor said Tuesday it has raised an objection to the exchange's decision to delist it from the local stock market.
The cash-strapped automaker said in a filing Tuesday that it will halt operations of its factory Wednesday through Friday.
Korea Development Bank (KDB) Chairman Lee Dong-gull said the bank will not spend a penny on troubled automaker SsangYong Motor unless it is able to find a new owner and come up with a viable plan to normalize business operations.
Five Korean automakers reported a 12.4 percent year-on-year drop in its car sales last year.
SsangYong Motor, which recently filed for court receivership due to a severe liquidity crunch, will suspend the operation of its Pyeongtaek factory after its suppliers refused to deliver parts.
SsangYong Motor faces yet another major liquidity crunch as it continues to fail to pay back a series of loans amid deteriorating sales.
SsangYong Motor’s latest partially revamped Rexton SUV has given a much-needed boost to the carmaker’s domestic sales.
SsangYong Motor’s partially revamped Tivoli Air, a long-body version of its popular Tivoli compact SUV, might be a tempting option for young drivers who are up for camping and outings, one of the newest leisure trends in Korea amid the pandemic.
The Korean unit of Indian auto giant Mahindra & Mahindra announced revenue of 705.7 billion won for the year’s third quarter, a 15.6 percent decline on year. Operating loss came to 93.2 billion won and net loss was 102.4 billion won.
SsangYong Motor’s connected system dubbed Infoconn is helping the carmaker win over tech-savvy Korean customers