Ssangyong changes hands again
- The Korean manufacturer Ssangyong, which specializes in SUVs, is once again changing ownership.
- Created in 1954 and having started car manufacturing in 1988, Ssangyong was taken over in 1997 by its compatriot Daewoo. In the year 2000, Daewoo was taken over by GM, which refused to take over Ssangyong, as it already had many SUVs in its range. In 2004, Ssangyong was taken over by the Chinese SAIC, but the Korean manufacturer went bankrupt in 2009, following the subprime crisis which affected many car manufacturers. SAIC then separated from Ssangyong, which was bought in 2011 by the Indian Mahindra, also specializing in SUVs. But the Korean manufacturer went bankrupt again in 2020 following losses accumulated over fifteen quarters and production dropping from 150,000 units in 2015 to 133,000 in 2019, 107,000 in 2020 and 77,000 in 2021. In January 2022, a consortium led by Edison Motors buys Ssangyong from Mahindra.
- Ssangyong is therefore returning to its country of origin since Edison Motors is a Korean manufacturer of electric buses.
- The objective of this company is therefore to switch the Ssangyong brand to all-electric (today this brand does not offer any electric model) between 2025 and 2028, and thus compete with Tesla and Volkswagen.
- The Korando will be the first model of the brand to receive a 100% electric motor, then this type of motorization will be generalized to all of the brand's models. Edison Motors plans to launch 10 new models by 2025 and 20 new models by 2030. The stimulus program is ambitious.
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