Ssangyong pays off debt and vows to push forward with EVs

Korean carmaker Ssangyong has paid off its debts in a process known as Corporate Rehabilitation.

The Korean financial procedure has given it more time to find a new buyer after Edison Motors pulled out of a US$255 million deal earlier this year.

The result is a company under the new ownership of Korean family-owned business conglomerate, KG Group, which now holds a majority stake.

The marque has been under financial stress since Mahindra & Mahindra sold its 75 per cent share in 2021.

3

In a statement, Ssangyong said it has “plans to accelerate its early management normalisation by increasing sales and quickly making a profit".

The carmaker currently sells three models in Australia – the Musso ute, Rexton large SUV and Korando medium SUV.

Its future though is looking electric with the J100/Torres slated for an Australian release as the brand pushes to develop five electric vehicles by 2025.

3

"On behalf of everyone at SsangYong Motor, we would like to express our sincere gratitude to all stakeholders, including the Seoul Rehabilitation Court, creditors and partners for their understanding and support in successfully completing the corporate rehabilitation procedure, and laying the foundation for the company's business normalisation”, a Ssangyong spokesperson said.

“We particularly reach out to our customers to thank them for their loyalty, and as a completely new and transformed business, aim to reward them by providing the best possible customer service, and thank them for their patience."