Following a tumultuous period lasting well over a year, it appears that Korean manufacturer SsangYong has found a new owner.
According to reports from Korea, chemical and steel company KG Group has been approved to purchase SsangYong. The marque is set to change its name to KG SsangYong on September 1.
It’s yet to be disclosed how much KG Group paid for the company, although reports suggest that the company’s bid is three times the size of the previous successful bid made by the embattled Edison Motors.
Edison Motors and its consortium’s initial bid amounted to US$260m, according to reports in 2021.
After its split with Mahindra, SsangYong looked to have been saved by Edison Motors when news broke of their deal in October last year.
Edison Motors CEO Kang Young-kwon spoke publicly about his significant ambitions for SsangYong to take on the likes of Tesla in the electric vehicle sales race.
“Edison Motor’s battery technology would benefit SsangYong to produce more competent electric vehicles,” Young-kwon told the Korea Herald last year. “I would not be considering acquiring SsangYong if I did not believe in its potential. There is no reason to put my company at risk.”
Among the company’s claims were that it was developing a tri-motor 100kWh battery electric powertrain capable of producing 480kW and travelling 800km.
However, the deal between Edison Motors and SsangYong fell over earlier this year.
The news comes off the back of SsangYong debuting its rugged-looking new Torres SUV in June. The company is also in the process of working on an electric version of its Musso ute (badged locally as a Rhino).
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