SsangYong Motor said Tuesday it will focus on developing new car models, banking on the latest agreement with its unionized workers on a turnaround plan to act as an impetus for the beleaguered carmaker's business normalization.
The Korea Development Bank (KDB), the main creditor of beleaguered SsangYong Motor, questioned whether its latest turnaround plan is good enough to attract a buyer.
Cevo Mobility, a Korean company making micro electric vehicles (EVs), joined forces with SsangYong Motor, to utilize SsangYong’s dealer network.
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.