Photo: SsangYong Motors
SsangYong is up for sale and several bidders have lined up at the negotiating table. However, it appears that a company from South Korea, called Edison Motors, has the biggest shot at acquiring the marque.
As some of you may remember, SsangYong was acquired by Mahindra&Mahindra back in 2011, after the South Korean company was in bankruptcy protection since late 2010. At the time, Mahindra was named the preferred bidder. Meanwhile, the Indian multinational company has changed its plans regarding Korea's fourth-largest automobile manufacturer.
This time, the new preferred bidder for SsangYong is Edison Motors, and analysts expect the company to pay about $260 million (EUR 223 million) for the brand, as Nikkei notes. Once the two parties agree, the court must still approve the deal, which will take a while.
While Edison Motors is not exactly known across the world, the company does make electric trucks and buses. It is also actively interested in building electric cars, and history enthusiasts with a sense of humor and irony might view it as the perfect rival for Tesla Motors. I'll see myself out.
The SsangYong brand has a complicated history, and it was previously owned by SAIC of China and Daewoo Motors of South Korea before them. In both cases, SsangYong was acquired by a different company after it went into deep financial troubles.
Daewoo Motors had owned SsangYong for just three years, while SAIC held a controlling stake in the South Korean company for nine years. The Mahindra corporation took over, and the Tivoli became the first car to be launched after the SsangYong marque switched owners.
Now, as the SsangYong was preparing to launch several new models, it appears that the Asian carmaker has reached the moment when it will get a new owner again. Hopefully, the future owners of the struggling marque will keep it financially afloat for a longer period.
It is worth noting that the preferred bidders for the SsangYong marque want to build and sell electric automobiles and that SsangYong could also benefit from their technology, not just their financial power. It might be a match made in business heaven if it all works out.
This time, the new preferred bidder for SsangYong is Edison Motors, and analysts expect the company to pay about $260 million (EUR 223 million) for the brand, as Nikkei notes. Once the two parties agree, the court must still approve the deal, which will take a while.
While Edison Motors is not exactly known across the world, the company does make electric trucks and buses. It is also actively interested in building electric cars, and history enthusiasts with a sense of humor and irony might view it as the perfect rival for Tesla Motors. I'll see myself out.
The SsangYong brand has a complicated history, and it was previously owned by SAIC of China and Daewoo Motors of South Korea before them. In both cases, SsangYong was acquired by a different company after it went into deep financial troubles.
Daewoo Motors had owned SsangYong for just three years, while SAIC held a controlling stake in the South Korean company for nine years. The Mahindra corporation took over, and the Tivoli became the first car to be launched after the SsangYong marque switched owners.
Now, as the SsangYong was preparing to launch several new models, it appears that the Asian carmaker has reached the moment when it will get a new owner again. Hopefully, the future owners of the struggling marque will keep it financially afloat for a longer period.
It is worth noting that the preferred bidders for the SsangYong marque want to build and sell electric automobiles and that SsangYong could also benefit from their technology, not just their financial power. It might be a match made in business heaven if it all works out.
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