SsangYong Motor
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SsangYong Motor Company (Korean: 쌍용자동차 주식회사) is the fourth largest South Korea-based automobile manufacturer,[3] which is owned by Indian multinational automotive company Mahindra & Mahindra Limited.
SsangYong Motor Company
Native name
쌍용자동차 주식회사
KRX: 003620
Founded4 March 1954; 67 years ago[1]
FateFiled for court receivership and bankruptcy
HeadquartersPyeongtaek, Gyeonggi-do, South Korea
Area served
Worldwide (except Japan, and North America)
Key people
ProductsAutomobiles and commercial vehicles
Production output
119,142 (2012)[1]
Revenue2.874 trillion (2012)[1][2]
₩-98.12 billion (2012)[2]
₩-105.93 billion (2012)[2]
Total assets₩1.85 trillion (2012)[2]
Total equity₩800.66 billion (2012)[2]
Number of employees
4,365 (2012)[1]
ParentMahindra & Mahindra Limited (74.65%)
WebsiteOfficial website
A 70% share of SsangYong was acquired by Mahindra & Mahindra in February 2011,[4] after being named the preferred bidder in 2010 to acquire the bankruptcy-protected company.[5] Mahindra's acquisition was approved by South Korea's Free Trade Commission.[6] As of January 2019, Mahindra & Mahindra holds a 74.65% stake in the company.[7]
Dong-A Motor (1954–1987)
SsangYong originally started out as two separate companies; Ha Dong-hwan Motor Workshop (established in 1954) and Dongbang Motor Co (established in 1962). In mid-1963, the two companies merged into Ha Dong-hwan Motor Co.[8][9] (Korean하동환자동차공업주식회사​). In 1964, Hadonghwan Motor Company started building jeeps for the US Army as well as trucks and buses. Beginning in 1976, Hadonghwan produced a variety of special purpose vehicles. After changing its name to Dong-A Motor (Korean동아자동차공업주식회사​) in 1977 and taking control of Keohwa in 1984, it was taken over by SsangYong Business Group in 1986.[10][11]
Keohwa (1981–1984)
Main article: Keohwa
Keohwa, Ltd. (Korean: 주식회사 거화; RRJusighoesa Geohwa) was a South Korean assembler of Jeeps under licence, mainly for export markets.[12] Its predecessor was the Jeep assembly joint venture of Shinjin Motors and American Motor Corporation (AMC), established in 1974.[13][14] It was spun off as an independent company in 1981, after AMC left the venture and retired the permission to use the Jeep trade mark. In 1983, Jeeps from Keohwa started to be named as "Korando".[14] In 1984, Keohwa was acquired by the predecessor of SsangYong Motor, Dong-A Motor.
SsangYong Motors (1986–present)
After Dong-A Motor was taken over by SsangYong Business Group, Dong-A Motor changed its name to SsangYong Motor in 1988.[15] In 1987, it acquired United Kingdom-based specialty car maker Panther Westwinds.[15]
The Musso was a result of collaboration between SsangYong and Daimler-Benz
In 1991, SsangYong started a technology partnership with Daimler-Benz. The deal was for SsangYong to develop an SUV with Mercedes-Benz technology. This was supposedly to allow SsangYong to gain footholds in new markets without having to build their own infrastructure (utilizing existing Mercedes-Benz networks) while giving Mercedes a competitor in the then-booming SUV market.[16] This resulted in the Musso, which was sold first by Mercedes-Benz and later by SsangYong.[17]
SsangYong further benefited from this alliance, long after Daimler-Benz stopped selling the Musso, producing a badge engineered version of the Mercedes-Benz MB100, the Istana and using Daimler designs in many other models, including the second-generation Korando (engine and transmission), the Rexton (transmission),[18] the Chairman H (chassis and transmission)[19] and the Kyron (transmission).[20]
Takeover by Daewoo Motors and SAIC
In 1997, Daewoo Motors, now GM Korea, bought a controlling stake from the SsangYong Group, only to sell it off again in 2000, because the conglomerate ran into deep financial troubles. In late 2004, the Chinese automobile manufacturer SAIC took a 51% stake of SsangYong Motor Company.
SsangYong's hybrid technology.
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South Korean police battle striking workers
In January 2009, after recording a $75.42 million loss, the company was put into receivership. This may have been due to the global economic crisis and shrinking demand.[21] On August 14, 2009, worker strikes finished at the SsangYong factory and production commenced again after 77 days of disruption.[22] Company employees and analysts have also blamed SAIC for stealing technology related to hybrid vehicles from the company and failing to live up to its promise of continued investment.[23][24] SAIC denied allegations of technology theft by the company's employees.[25] However, SAIC was charged by the South Korean prosecutor's office for violating company regulations and the South Korean law when it ordered and carried out the transfer of SsangYong's proprietary technology developed with South Korean government funding over to SAIC researchers.[26]
In 2010, Daewoo Motor Sales was dropped by General Motors. The long-time dealership partner then signed a deal with the SsangYong Motor Company to supply new vehicles to sell (specifically the Rodius, Chairman W and Chairman H), in return for the injection of 20,000,000,000 ($17.6 million) into the car maker still recovering from bankruptcy. The deal is non-exclusive, meaning SsangYong will also sell vehicles through private dealers.[27]
Takeover by Mahindra Automotive
The Tivoli is SsangYong's first new model under Mahindra & Mahindra ownership
SsangYong's Pick-up Rexton Sports
In April 2010, the company released a statement citing interest of three to four local and foreign companies in acquiring SsangYong Motor Company, resulting in shares rising by 15%.[28] The companies were later revealed to be Mahindra & Mahindra, Ruia Group, SM Aluminum, Seoul Investments and French-owned Renault Samsung Motors of South Korea.[29][30] In August 2010, Mahindra & Mahindra Limited was chosen as the preferred bidder for SsangYong.[31] The acquisition was completed in February 2011[4][32] and cost Mahindra US$463.6 million.[33]
In 2015, SsangYong launched the Tivoli, its first car launched after Mahindra acquisition.[34] Within a year of Tivoli's launch, the company reported its first net profit in 9 years.[35] In 2017, SsangYong sold 106,677 units in domestic sales and 37,008 units in exports, setting a record high in 14 years since 2003, when its annual domestic sales stood at 131,283 units. Out of this, the Tivoli alone contributed over 50,000 units of domestic sales for the company.[36] Mahindra XUV300, which was later launched in 2019 is built on Tivoli's platform, sharing many parts including several metal sheets.
Mahindra is also working with its SsangYong subsidiary to introduce high performance electric vehicles in South Korea for mass-market sales.[37] Mahindra and SsangYong have increased their collaboration on engines and electric cars.[38]
On 21 December 2020, SsangYong Motor filed for bankruptcy.[39] Ssang Yong Motor spokesperson stated that the company owes a total of 315.3 billion won (US$285 million) in overdue debt to financial institutions.[40]
Current model lineup
Rexton2001–present2nd generation(Y400); also known as G4 Rexton in some market or Mahindra Alturas G4 in India
Tivoli2015–presentSsangYong's first new model under Mahindra & Mahindra ownership[41]
XLV2016–presentExtended version of the Tivoli; also known as Tivoli Air in South Korea.
Replaced by the Actyon, revived in late 2010, replaced by the C300 in 2019
Pickup trucks
Musso (Pickup)2018–presentReplaced the Actyon Sports; also known as Rexton Sports in South Korea
Rodius/Stavic2004–presentAlso known as Korando Turismo in South Korea.
Former model lineup
Actyon2006–2016Replaced the old Korando
Kyron2005–2014SsangYong's first model under SAIC ownership
Musso1993–2005Replaced by the Kyron
Korando Family1988–1995Based on the Isuzu Trooper
Pickup trucks
Musso Sports2002–2005Replaced by the Actyon Sports
Actyon Sports2006–2018Replaced the Musso Sports; also known as Korando Sports from 2012
Istana1995–2003Licensed copy of the Mercedes-Benz MB100
Luxury cars
Chairman W2008–2017Was sold alongside the Chairman H
Chairman H1997–2014Based on the Mercedes-Benz E-Class (W210)
Kallista1992Rebadged Panther Kallista
Trucks and Buses
DA TruckBased on Nissan Diesel Truck
SY TruckBased on Mercedes-Benz trucks
TransstarBased on Mercedes-Benz buses
See also
Companies portal
Mahindra Group
  1. ^ a b c d Annual Report 2013. Korean Automobile Industry (PDF). Korea Automobile Manufacturers Association. ISBN 978-89-8056-042-4. Archived from the original (PDF) on 2013-08-22. Retrieved 2013-08-21.
  2. ^ a b c d e "2012 Consolidated Financial Statements" (PDF). SsangYong Motor. Retrieved 2013-08-22.
  3. ^ "Ssangyong Motors". Smotor.com. Retrieved 2011-02-25.
  4. ^ a b Nandini Sen Gupta, TNN, Feb 16, 2011, 12.56am IST (2011-02-16). "M&M seals $470m Ssangyong deal - The Times of India". Timesofindia.indiatimes.com​. Retrieved 2011-02-25.
  5. ^ Seo, Sookyung (2010-10-13). "Mahindra May Complete Acquiring Ssangyong Controlling Stake in Early 2011". Bloomberg.com. Retrieved 2011-02-25.
  6. ^ "South Korea's watchdog nods Mahindra buy of Ssangyong". Livemint.com. 2010-10-29. Retrieved 2011-02-25.
  7. ^ "Mahindra & Mahindra hikes stake in SsangYong to 74.65 percent". www.autocarpro.in. Retrieved 2019-01-24.
  8. ^ [1] Archived April 14, 2009, at the Wayback Machine
  9. ^ Dastidar, Surajit Ghosh (2011). "Mahindra and Mahindra's Acquisition of SsangYong Motor Company" (PDF). Vidwat Journal. EBSCO Publishing. 4 (2): 31–38. ISSN 0975-055X. Retrieved 2013-08-22.[permanent dead link]
  10. ^ "SsangYong Motor". www.ssangyong.by. Retrieved 19 September 2018.
  11. ^ "SsangYong - República Dominicana - Avelino Abreu SAS". Retrieved 19 September 2018.
  12. ^ 지프 하나로 아·중동공략…130배 신장 [Jeeps exports surge in the Middle East, 130 times more]. article.joins.com (in Korean). JoongAng Ilbo. 1981-11-25. Retrieved 2018-03-17.
  13. ^ Kim, Joon. 신진차 ‘지프’가 국내 첫 SUV… 현대차 ‘싼타페’로 열풍 선도 [Shinjin Motors' Jeep is Korea's first SUV, leading to Hyundai Santa Fe]. biz.khan.co.kr (in Korean). The Kyunghyang Shinmun. Retrieved 2018-03-17.
  14. ^ a b 아재차 히스토리 - 코란도(korando)편 [History again - History of Korando]. Encar Magazine (in Korean). Retrieved 2018-03-17 – via Magazine.kakao.com.
  15. ^ a b [2] Archived December 29, 2008, at the Wayback Machine
  16. ^ "Musso-Mercedes match was a rocky road - www.drive.com.au". Drive.com.au. 2000-05-18. Retrieved 2009-09-19.
  17. ^ David Morley (2000-05-18). "Musso-Mercedes match was a rocky road". Fairfax Media. Retrieved 2011-03-21.
  18. ^ Jonathan Hawley (2004-07-04). "Old-fashioned values". Fairfax Media. Retrieved 2011-03-21.
  19. ^ Bruce Newton (2005-05-10). "SsangYong Chairman CM600S". Fairfax Media. Retrieved 2011-03-21.
  20. ^ Bruce Newton (2006-05-31). "SsangYong Kyron". Fairfax Media. Retrieved 2011-03-21.
  21. ^ "Article from". MarketWatch. 2009-01-09. Retrieved 2011-02-25.
  22. ^ "INSIDE JoongAng Daily". Joongangdaily.joins.com. 2009-08-14. Retrieved 2009-09-27.
  23. ^ "S.Korea Co Ssangyong Motor Awaits Key Ruling On Turnaround Plan". TradingMarkets.com. Retrieved 2011-02-25.[permanent dead link]
  24. ^ Sebastian Blanco (2009-10-12). "REPORT: SAIC stole hybrid technology, says Ssangyong". Autoblog Green. Retrieved 2011-03-21.
  25. ^ "'먹튀 논란' 상하이車 반박 "쌍용車 주장 근거없어" - 아시아경제". Asiae.co.kr. Retrieved 2011-02-25.
  26. ^ "쌍용차 기술, 中상하이차로 유출 : : 뉴스 : 동아닷컴". News.donga.com. 2009-11-12. Retrieved 2011-02-25.
  27. ^ "INSIDE JoongAng Daily". Joongangdaily.joins.com. 2010-03-24. Retrieved 2011-02-25.
  28. ^ Saefong, Myra P. (2010-04-08). "Asia Follows Wall Street Lower". The Wall Street Journal.
  29. ^ "End of speculation: Mahindra enters the fray for ailing Ssangyong Motor | Indian Cars & Motorcycles Blog". Indiancarsbikes.in. 2010-05-17. Archived from the original on 2010-05-22. Retrieved 2011-02-25.
  30. ^ "Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor". Iii.co.uk. Retrieved 2011-02-25.
  31. ^ "Mahindra chosen preferred bidder for Ssangyong Motors". Sify.com. 2010-08-12. Archived from the original on 2011-08-11. Retrieved 2011-02-25.
  32. ^ "UPDATE: Mahindra Aims To Complete Ssangyong Acquisition In Four Months". The Wall Street Journal. 2010-08-25.[dead link]
  33. ^ "Mahindra reportedly inks deal to buy Ssangyong for $463M". Autoblog. 23 November 2010. Retrieved 23 November 2010.
  34. ^ "SsangYong launches its first compact global SUV Tivoli in Korea". www.mahindra.com. Retrieved 2019-01-27.
  35. ^ "Ssangyong Motor reports first net profits in 9 years". Micro-Ssangyong. 2017-02-16. Retrieved 2019-01-27.
  36. ^ "SsangYong Motor Global Sales Record 143,685 vehicles in 2017". www.mahindra.com. Retrieved 2018-12-28.
  37. ^ GaadiWaadi, Team (2017-12-11). "Mahindra To Help SsangYong In Developing Electrified Vehicles". Gaadiwaadi.com - Car News, Bike News, Reviews. Retrieved 2018-12-28.
  38. ^ "Mahindra-SsangYong ties deepen for new engine, platforms and electric cars". Autocar India. Retrieved 2018-12-28.
  39. ^ "Mahindra's Korean subsidiary Ssangyong Motor files for bankruptcy". Retrieved 2020-12-21.
  40. ^ 최경애 (2020-12-22). "SsangYong Motor owes hefty overdue debt as it files for court receivership". Yonhap News Agency. Retrieved 2020-12-26.
  41. ^ Batchelor, James (24 December 2014). "SsangYong reveals Tivoli small SUV in production form". Auto Express. Retrieved 25 February 2015.
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Last edited on 10 June 2021, at 08:20
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