Ssangyong pok gai (yet again), likely going electric from here on

[enzoalec92]

https://uk.motor1.com/news/542379/ssangyong-to-be-sold-260million/

"SsangYong to be sold for only £188 million
It wasn't a buttery smooth ride for the South Korean automaker.

SsangYong is reportedly getting a fresh start, thanks to a six-year-old electric vehicle startup. The South Korean automaker filed for bankruptcy in December 2020 and is currently under court receivership.

According to Nikkei Asia, SsangYong named an Edison Motors-led tie-up as its preferred bidder. The deal is said to be worth around $260 million,(approx. £188 million) according to the publication's sources. The automaker and the bidder are expected to finalise and ink a corporate agreement towards the end of November.

Edison was founded in 2015 and is known to make electric buses and develop commercial trucks. Its interest in SsangYong can be attributed to its intention to penetrate the passenger vehicle market, with the aim to mass-produce passenger EVs in the automaker's factory in Pyeongtaek.

To say that SsangYong Motor has a smooth-sailing corporate life would be blatant lie. Starting its life in 1986, South Korea's fourth-largest automaker began its world-renown in 1991 with its high-profile partnership with Daimler, enabling it to develop an SUV with Mercedes-Benz technology.

Then in 1997, Daewoo bought a controlling stake at SsangYong. That was short-lived as Daewoo then sold off its shares. Chinese automaker SAIC bought a 51 percent stake of SsangYong in 2004.

In 2009, the company reported a $75.42 million (£54.63 million) loss, putting the company under court receivership.

Mahindra & Mahindra took over the company in 2011, costing the Indian company $463.6 million (£335.8 million). And while it looked like the Korean automaker was back on its feet during its time with Mahindra, it could not recover completely, which led to its current debt-laden state today.

SsangYong isn't about to give up despite its long trail of troubles. The company has announced a design concept called the X200 showing its intention to capitalise on the rising tide of boxy SUVs."

Quote

Anyone here actually feels sad about this news? To be honest, I'm quite indifferent, since their stuff just seems bland as hell to me. Their potential future with Edison Motors doesn't seem bright either, since it's yet another "startup", according to Motor Authority at least.

It's not all bleak though, since they might just adopt the Foxconn (or Hon Hai for the more "tiong"-inclined ones) EV platform moving forward, for which there's a thread about:

Also, for those interested in industry perspectives, one of my fav YouTube channels did a brief coverage on what to expect about Foxconn EVs: 

As well as this video from the same guy's main channel which takes a deep dive into Foxconn's background and why this might be something to look out for: 

I'll stop rambling at this point otherwise later I kena flag for going off-topic from Korean cars hahaha. 😇

 

[Brass]

3 hours ago, enzoalec92 said:

https://uk.motor1.com/news/542379/ssangyong-to-be-sold-260million/

"SsangYong to be sold for only £188 million
It wasn't a buttery smooth ride for the South Korean automaker.

SsangYong is reportedly getting a fresh start, thanks to a six-year-old electric vehicle startup. The South Korean automaker filed for bankruptcy in December 2020 and is currently under court receivership.

According to Nikkei Asia, SsangYong named an Edison Motors-led tie-up as its preferred bidder. The deal is said to be worth around $260 million,(approx. £188 million) according to the publication's sources. The automaker and the bidder are expected to finalise and ink a corporate agreement towards the end of November.

Edison was founded in 2015 and is known to make electric buses and develop commercial trucks. Its interest in SsangYong can be attributed to its intention to penetrate the passenger vehicle market, with the aim to mass-produce passenger EVs in the automaker's factory in Pyeongtaek.

To say that SsangYong Motor has a smooth-sailing corporate life would be blatant lie. Starting its life in 1986, South Korea's fourth-largest automaker began its world-renown in 1991 with its high-profile partnership with Daimler, enabling it to develop an SUV with Mercedes-Benz technology.

Then in 1997, Daewoo bought a controlling stake at SsangYong. That was short-lived as Daewoo then sold off its shares. Chinese automaker SAIC bought a 51 percent stake of SsangYong in 2004.

In 2009, the company reported a $75.42 million (£54.63 million) loss, putting the company under court receivership.

Mahindra & Mahindra took over the company in 2011, costing the Indian company $463.6 million (£335.8 million). And while it looked like the Korean automaker was back on its feet during its time with Mahindra, it could not recover completely, which led to its current debt-laden state today.

SsangYong isn't about to give up despite its long trail of troubles. The company has announced a design concept called the X200 showing its intention to capitalise on the rising tide of boxy SUVs."

 

Oof @seethestars , a ball is a ball, it will be kicked around.

Imagine people were salivating over the Tivoli when it was launched.

1.5k~1.8k pm for a Tivoli makes hare sense, especially in 2016.

I don't mind a used example at a budget price, but I think Opel is still a safer choice because neither PSA/Stellantis nor GM are going bust yet.

Let it go the way of Daewoo.

 

Edited October 25, 2021 by Brass

[kobayashiGT]

How does it affect the Ssangyong Singapore? Will there be a clearance sale? 😂

Or more getgo car sharing for us?

[enzoalec92]

13 hours ago, Brass said:

Oof @seethestars , a ball is a ball, it will be kicked around.

Imagine people were salivating over the Tivoli when it was launched.

1.5k~1.8k pm for a Tivoli makes hare sense, especially in 2016.

I don't mind a used example at a budget price, but I think Opel is still a safer choice because neither PSA/Stellantis nor GM are going bust yet.

Let it go the way of Daewoo.

 

The irony is that Daewoo - which bought Ssangyong from 1997 and sold it in 2000 - has itself died off under GM, which sold off Opel to what is ultimately the Stellantis group; I find this inherently hilarious LOL.

The car industry is just one massive dysfunctional cluster-f, to the point where it's basically incentuous LMAO.

36 minutes ago, kobayashiGT said:

How does it affect the Ssangyong Singapore? Will there be a clearance sale? 😂

Or more getgo car sharing for us?

I don't think mobility companies will be in a rush to pick up leftover Ssangyong stock anytime soon. If anything, they're more likely to avoid them due to the possibility of reduced dealer support.

Also, sauce for this photo pl0x. 😏