Since its acquisition by the KG Group, SsangYong Motor announced on November 11 that it has now completed its corporate rehabilitation procedure which began in April 2021.
The South Korean manufacturer says it now planning to increase sales and quickly make a profit.
SsangYong Motor says its future growth will based upon the move towards electrification, supported through additional capital funding from the KG Group.
The brand is also focusing on achieving growth through the successful international launch of its new Torres SUV model.
SsangYong Motor says the unveiling of the Torres in the domestic market was well received and is already leading the increase in sales while strengthening the brand’s position in the global market.
Continuous investment and technology development for electric vehicles (EVs) is progressing, with the U100, the first of these scheduled for release next year.
SsangYong Motor appointed Kwak Jea-sun as its new chairman and Jeong Yong-won as chief executive in September, and steps were taken in October to stabilise management with further executive appointments and organisational reforms to respond to changes in the new business.
Earlier in July, the KG Consortium and SsangYong’s labour and management signed a three-party special agreement focusing on job security and long-term investment. Labour-management cooperation was strengthened to further solidify labour relations and to avoid a repeat of previous failures in this area.
The KG Group says it also completed a second round of capital investment in October to repay priority claims and as part of its operational financing plan. After repaying its rehabilitation debts, it is accelerating the improvement to the company’s financial structure leading to the swift normalisation of business.
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