Is this the end of the road for Ssangyong?
The two parties have already signed a KRW 304.8 billion deal back in January, and Edison Motors already gave 10% of the acquisition money as an upfront payment. However, the EV startup company was unable to come up with the remaining 90% of the deal worth KRW 274.3 billion before the March 25 deadline.
As a result, the terms of the contract have been breached, and Ssangyong remains in court receivership after their majority stakeholder, Mahindra & Mahindra, failed to secure a buyer.Despite trying times for Ssangyong,with their new EV concepts. They recently introduced the new Korando SUV, the facelifted Tivoli, and the Korando e-Motion EV. Furthermore, Ssangyong was also set to launch the J100 and X200 SUVs this year.
This shows the company could have been on the road to recovery after the Edison Motors takeover. But with that deal failing to materialize, Ssangyong will have to find a new buyer at the soonest possible time if they were to have any chance of survival.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hyundai Casper, Custo coming to PH? - Auto NewsCould these models revive the Hyundai brand locally?
Read more »
MMDA is studying an odd-even coding scheme - Auto NewsMMDA says proposed scheme could reduce traffic by 50%
Read more »
LTO's new machine makes 450 motorcycle plates/hour - Auto NewsLTO has 2 machines, one for vehicle license plates, the other for motorcycle plates
Read more »
2023 Lotus Eletre is a super SUV with LIDAR tech - Auto News2023 Eletre: Lotus goes for an SUV with pure EV and self driving tech
Read more »
LEGO To Offer Discount Vouchers, Display Newest Sets At Manila International Auto Show | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Read more »
SsangYong Rescue Deal Collapses | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Read more »