The South Korean brand SsangYong it could soon resolve its financial vicissitudes thanks to the interest of Edison Motors, a company that would like to acquire the company by transforming it into a car manufacturer focused on electric. Mahindra, the current owner of the Tivoli manufacturer, has long been on the hunt for a buyer.
The track of Edison Motors it is traveled by the SsangYong management itself, which in a document filed with the Seoul court has indicated that company as a possible buyer. The idea is to save the brand immediately, keeping its offer, and then completely change register and rely on the electricity market starting from the third year of post-acquisition activity. To report the news is Automotive News, based on Korean sources (Korea Bizwire). Another goal is to bring SsangYong back to noteworthy production volumes, around 300,000 vehicles per year thanks to the Pyeongtaek plants: a plausible number also in relation to the competition, but still difficult to achieve without an improvement in financial terms.
The purchase by Edison Motors it could be worth around 850 million dollars, and it would be feasible thanks to Korean investment funds. It is not known, however, whether the relaunch of the company will also take place on the basis of technological agreements made with third-party car manufacturers, a factor that would certainly reduce the weight of the R&D department for SsangYong.
We have also been waiting for some time for the brand to land on the electricity market, an opportunity to be fully exploited at this point. Until last September, among the main candidates for the purchase of SsangYong were considered the SM group, a Korean company that produces car parts and spare parts, and Edison Motors Co., a manufacturer of electric buses that has long been planning to also land in the auto market. According to reports from the Korean news agency Yonhap, the board of directors of Mahindra he had received eleven different offers from South Korea or abroad.
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