Mahindra & Mahindra is confident it can revive South Korea’s Ssangyong Motor – the embattled sport utility vehicle maker that it agreed to buy last year – as it lays out its plans for the business.
The Indian company said on Tuesday it would turn round the brand by introducing Ssangyong vehicles to India and by bringing over its car financing business to South Korea as part of a drive to boost sales by 50 per cent to 121,000 vehicles a year.
Mahindra agreed to buy a 70 per cent stake in Ssangyong, South Korea’s smallest carmaker by sales, in November for Won522.5bn. The global economic downturn had forced the company into bankruptcy protection in January 2009 after four years under Shanghai Automotive’s management control. Ssangyong exited court-led bankruptcy protection on Monday.