KG Mobility

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SsangYong Motor Company
Native name
쌍용자동차 주식회사
Company typePublic
KRX: 003620
IndustryAutomotive
Founded4 March 1954; 70 years ago (1954-03-04)[1]
HeadquartersPyeongtaek, Gyeonggi-do, South Korea
Area served
Worldwide
Key people
ProductsAutomobiles and commercial vehicles
Production output
Increase 119,142 (2012)[1]
RevenueDecrease ₩2.874 trillion (2012)[1][2]
Increase −₩98.12 billion (2012)[2]
Increase −₩105.93 billion (2012)[2]
Total assetsIncrease ₩1.85 trillion (2012)[2]
Total equityDecrease ₩800.66 billion (2012)[2]
Number of employees
4,365 (2012)[1]
ParentKG Group
Websitesmotor.com

SsangYong Motor Company (Korean: 쌍용자동차 주식회사) is a South Korea–based automobile manufacturer. It traces its origins back to a manufacturer established in 1954. The name SsangYong appeared in 1988, after its acquisition by the chaebol SsangYong Group. SsangYong Motor was then acquired by Daewoo Motors, SAIC Motor, and then Mahindra & Mahindra. In 2022, the company was acquired by the KG Group.

The company main focus is sport utility vehicles (SUVs) and crossover SUVs and it is preparing for transitioning to electric cars.

History

File:SsangYong Motor logo (1989-1997).svg
SsangYong Motor logo from 1989 to 1997

Dong-A Motor (1954–1987)

SsangYong originally started out as two separate companies; Ha Dong-hwan Motor Workshop (established in 1954) and Dongbang Motor Co (established in 1962). In mid-1963, the two companies merged into Ha Dong-hwan Motor Co.[3][4] (Korean: 하동환자동차공업주식회사). In 1964, Hadonghwan Motor Company started building jeeps for the US Army as well as trucks and buses. Beginning in 1976, Hadonghwan produced a variety of special purpose vehicles. After changing its name to Dong-A Motor (Korean: 동아자동차공업주식회사) in 1977 and taking control of Keohwa in 1984, it was taken over by SsangYong Business Group in 1986.[5][6]

Gallery

  • Dong-A DA 30 with Ha Dong-hwan body
    Dong-A DA 30 with Ha Dong-hwan body
  • Firetrucks produced by SsangYong and its predecessor, Dong-A Motor
    Firetrucks produced by SsangYong and its predecessor, Dong-A Motor
  • Ha Dong-hwan bus on the right
    Ha Dong-hwan bus on the right

Keohwa (1981–1984)

Main article: Keohwa

Keohwa, Ltd. (Korean: 주식회사 거화; RR: Jusighoesa Geohwa) was a South Korean assembler of Jeeps under licence, mainly for export markets.[7] Its predecessor was the Jeep assembly joint venture of Shinjin Motors and American Motor Corporation (AMC), established in 1974.[8][9] It was spun off as an independent company in 1981, after AMC left the venture and retired the permission to use the Jeep trade mark. In 1983, Jeeps from Keohwa started to be named as "Korando".[9] In 1984, Keohwa was acquired by the predecessor of SsangYong Motor, Dong-A Motor.

SsangYong Motors (1986–present)

After Dong-A Motor was taken over by SsangYong Business Group, Dong-A Motor changed its name to SsangYong Motor in 1988.[10] In 1987, it acquired United Kingdom-based specialty car maker Panther Westwinds.[10]

The Musso was a result of collaboration between SsangYong and Daimler-Benz

In 1991, SsangYong started a technology partnership with Daimler-Benz. The deal was for SsangYong to develop a sport utility vehicle (SUV) with Mercedes-Benz technology. This was supposedly to allow SsangYong to gain footholds in new markets without having to build their own infrastructure (utilizing existing Mercedes-Benz networks) while giving Mercedes a competitor in the then-booming SUV market.[11] This resulted in the Musso, which was sold first by Mercedes-Benz and later by SsangYong.[12]

SsangYong further benefited from this alliance, long after Daimler-Benz stopped selling the Musso, producing a badge engineered version of the Mercedes-Benz MB100, the Istana and using Daimler designs in many other models, including the second-generation Korando (engine and transmission), the Rexton (transmission),[13] the Chairman H (chassis and transmission)[14] and the Kyron (transmission).[15]

Takeover by Daewoo Motors and SAIC

In 1997, Daewoo Motors, now GM Korea, bought a controlling stake from the SsangYong Group, only to sell it off again in 2000, because the conglomerate ran into deep financial troubles. In late 2004, the Chinese automobile manufacturer SAIC took a 51% stake of SsangYong Motor Company. In July - August 2006, workers went on strike for 7 weeks to protest SAIC's plans to lay off 554 employees.[16] The strike cost SsangYong 380 billion Won and negotiations ended with workers accepting a wage freeze.[16]

SsangYong's hybrid technology.
Wikinews has related news:

In January 2009, after recording a $75.42 million loss, the company was put into receivership. This may have been due to the global economic crisis and shrinking demand.[17] In response to management's plan to cut 2,600 jobs, a third of the workforce, workers at Ssangyong's main factory stopped work and barricaded themselves inside in protest.[18] One elderly worker died from a cerebral hemorrhage within the first 12 days.[18] The strikes grew violent after water, food, electricity, and medicine were withheld from the strikers and police surrounded the building.[19] Strikers threw Molotov cocktails at police[20] while police used electroshock weapons and allegedly dropped corrosive chemicals on the strikers.[19] On August 14, 2009, worker strikes finished at the SsangYong factory and production commenced again after 77 days of disruption.[21] Company employees and analysts have also blamed SAIC for stealing technology related to hybrid vehicles from the company and failing to live up to its promise of continued investment.[22][23] SAIC denied allegations of technology theft by the company's employees.[24] However, SAIC was charged by the South Korean prosecutor's office for violating company regulations and the South Korean law when it ordered and carried out the transfer of SsangYong's proprietary technology developed with South Korean government funding over to SAIC researchers.[25]

In 2010, Daewoo Motor Sales was dropped by General Motors. The long-time dealership partner then signed a deal with the SsangYong Motor Company to supply new vehicles to sell (specifically the Rodius, Chairman W and Chairman H), in return for the injection of ₩20,000,000,000 ($17.6 million) into the car maker still recovering from bankruptcy. The deal is non-exclusive, meaning SsangYong will also sell vehicles through private dealers.[26]

Takeover by Mahindra Automotive

The Tivoli was SsangYong's first new model under Mahindra & Mahindra ownership
SsangYong's Rexton Sports pick-up

In April 2010, the company released a statement citing interest of three to four local and foreign companies in acquiring SsangYong Motor Company, resulting in shares rising by 15%.[27] The companies were later revealed to be Mahindra & Mahindra, Ruia Group, SM Aluminum, Seoul Investments and French-owned Renault Samsung Motors of South Korea.[28][29] In August 2010, Mahindra & Mahindra Limited was chosen as the preferred bidder for SsangYong.[30] The acquisition was completed in February 2011[31][32] and cost Mahindra US$463.6 million.[33]

In 2015, SsangYong launched the Tivoli, its first car after Mahindra acquisition.[34] Within a year of Tivoli's launch, the company reported its first net profit in 9 years.[35] In 2017, SsangYong sold 106,677 units in domestic sales and 37,008 units in exports, setting a record high in 14 years since 2003, when its annual domestic sales stood at 131,283 units. Out of this, the Tivoli alone contributed over 50,000 units of domestic sales for the company.[36] Mahindra XUV300, which was later launched in 2019 is built on Tivoli's platform, sharing many parts including several metal sheets.

Mahindra also worked with its SsangYong subsidiary to introduce high performance electric vehicles in South Korea for mass-market sales.[37] Mahindra and SsangYong increased their collaboration on engines and electric cars.[38]

On 21 December 2020, SsangYong Motor filed for receivership after Mahindra cut funding to SsangYong due to its outstanding debt.[39] Ssang Yong Motor spokesperson stated that the company owes a total of 315.3 billion won (US$285 million) in overdue debt to financial institutions.[40]

Failed takeover by Edison Motors

In October 2021, it was reported that SsangYong was set to be acquired by electric bus and truck maker Edison Motors which would lead to SsangYong exiting receivership. Edison Motors planned to introduce SsangYong vehicles into the United States, Mexico, and Canada markets by the mid-2020s. Edison Motors also intended to phase-out production and new car sales of fossil fuel-powered SsangYong vehicles by 2030, in favor of producing and selling only electric-powered vehicles by the latter, if acquired.[41][42][43][44] In January 2022, the South Korean courts "approved" Edison Motors' acquisition plan, although the company would be kept in receivership until the transaction were completed.[45] In March 2022, SsangYong said the Edison Motors takeover was cancelled as the latter failed making acquisition payments for that month.[46]

In December 2021, SsangYong signed an agreement with the Chinese BYD Auto to co-develop battery systems for its first electric car (called U100) which would be launched in 2023.[47]

Takeover by the KG Group

In June 2022, the Seoul Bankruptcy Court opted for a consortium (KG Mobility) led by the KG Group as the final bidder to take over SsangYong Motor. The consortium planned to pay 900 billion won ($699.5 million) for SsangYong.[48] In August 2022, South Korea's Free Trade Commission approved KG Group acquisition of a 61% majority stake in SsangYong through the consortium.[49][50] The acquisition payments were completed later that month. In September 2022, the Seoul Bankruptcy Court agreed to SsangYong's receivership exit plan, including issuing new shares in order to pay the creditors.[51] The KG Group was set to start the process to exit SsangYong's receivership in early October and finish the acquisition process on (or before) 14 October, the SsangYong sale deadline. There also are plans to rename SsangYong.[49] After delays, the consortium started the receivership exit procedures on 31 October by requesting the receivership termination to the Seoul Bankruptcy Court.[52] The Court approved the receivership exit on 11 November, finalising the consortium's acquisition.[53]

Facilities

Offices

  • SsangYoung Head Office - The Head office located in Pyeongtaek, South Korea. R&D Centre, Design Centre, and other departments are located in the Pyeongtaek office
  • Seoul Office - Department under Head office is located in Yeoksam-dong, Seoul

Factories

  • Pyeongtaek Plant (South Korea) - Main factory. Produces a complete range.
  • Changwon Plant (South Korea) - Engine and parts factory.

Current model lineup

Name Production Notes Image
SUVs
Rexton 2001–present 2nd generation (Y400); also known as G4 Rexton in some market or Mahindra Alturas G4 in India
Tivoli 2015–present SsangYong's first new model under Mahindra & Mahindra ownership[54]
XLV 2016–present Extended version of the Tivoli; also known as Tivoli Air in South Korea.
Torres 2022–present SsangYong's first mid-sized SUV in South Korea.
Korando 1983–2006,
2010–present 		Replaced by the Actyon, revived in late 2010, replaced by the C300 in 2019
Pickup trucks
Musso (Pickup) 2018–present Replaced the Actyon Sports; also known as Rexton Sports in South Korea

Former model lineup

Name Production Notes Image
SUVs
Actyon 2006–2016 Replaced the old Korando
Kyron 2005–2014 SsangYong's first model under SAIC ownership
Musso 1993–2005 Replaced by the Kyron
Korando Family 1988–1995 Based on the Isuzu Trooper
Pickup trucks
Musso Sports 2002–2005 Replaced by the Actyon Sports
Actyon Sports 2006–2018 Replaced the Musso Sports; also known as Korando Sports from 2012
Vans
Istana 1995–2003 Licensed copy of the Mercedes-Benz MB100
Rodius/Stavic 2004–2019 Also known as Korando Turismo in South Korea.
Luxury cars
Chairman W 2008–2017 Was sold alongside the Chairman H
Chairman H 1997–2014 Based on the Mercedes-Benz E-Class (W210)
Kallista 1992 Rebadged Panther Kallista
Trucks and Buses
DA Truck Based on Nissan Diesel Truck
SY Truck Based on Mercedes-Benz trucks
Transstar Based on Mercedes-Benz buses

See also

References

  1. ^ a b c d Annual Report 2013. Korean Automobile Industry (PDF). Korea Automobile Manufacturers Association. ISBN 978-89-8056-042-4. Archived from the original (PDF) on 22 August 2013. Retrieved 21 August 2013.
  2. ^ a b c d e "2012 Consolidated Financial Statements" (PDF). SsangYong Motor. Retrieved 22 August 2013.
  3. ^ "Ssangyong Motors". www.smotor.com. Archived from the original on 14 April 2009.
  4. ^ Dastidar, Surajit Ghosh (2011). "Mahindra and Mahindra's Acquisition of SsangYong Motor Company" (PDF). Vidwat Journal. 4 (2). EBSCO Publishing: 31–38. ISSN 0975-055X. Retrieved 22 August 2013. [permanent dead link]
  5. ^ "SsangYong Motor". www.ssangyong.by. Retrieved 19 September 2018.
  6. ^ "SsangYong - República Dominicana - Avelino Abreu SAS". Retrieved 19 September 2018.
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  8. ^ Kim, Joon (22 March 2015). 신진차 ‘지프’가 국내 첫 SUV… 현대차 ‘싼타페’로 열풍 선도 [Shinjin Motors' Jeep is Korea's first SUV, leading to Hyundai Santa Fe]. biz.khan.co.kr (in Korean). The Kyunghyang Shinmun. Retrieved 17 March 2018.
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  10. ^ a b "Ssangyong Motors". www.smotor.com. Archived from the original on 29 December 2008.
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  12. ^ David Morley (18 May 2000). "Musso-Mercedes match was a rocky road". Fairfax Media. Retrieved 21 March 2011.
  13. ^ Jonathan Hawley (4 July 2004). "Old-fashioned values". Fairfax Media. Retrieved 21 March 2011.
  14. ^ Bruce Newton (10 May 2005). "SsangYong Chairman CM600S". Fairfax Media. Retrieved 21 March 2011.
  15. ^ Bruce Newton (31 May 2006). "SsangYong Kyron". Fairfax Media. Retrieved 21 March 2011.
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  24. ^ "'먹튀 논란' 상하이車 반박 "쌍용車 주장 근거없어" - 아시아경제". Asiae.co.kr. 16 January 2009. Retrieved 25 February 2011.
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  41. ^ Posted on October 20, 2021October 22, 2021 (20 October 2021). "SsangYong Set To Be Acquired By Edison Motors". Carscoops. Retrieved 11 April 2022.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
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  47. ^ Seo, Jin-woo; Lee, Ha-yeon (22 December 2021). "SsangYong Motor joins forces with BYD to gain power to go electric". Pulse. Retrieved 24 December 2021.
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  49. ^ a b "쌍용차 품은 곽재선 회장, KG색깔 어떻게 입힐까" [Kwak Jae-sun takes on SsangYong Motor chairmanship as well as KG's]. Newdaily. 1 September 2022. Retrieved 2 September 2022.
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  51. ^ "Bankruptcy court approves Ssangyong rehabilitation plan". Just Auto. 1 September 2022. Retrieved 2 September 2022.
  52. ^ Lee, Sang-hyun (31 October 2022). "쌍용차, 서울회생법원에 회생절차 종결 신청" [Ssangyong Motor applies for termination of receivership with the Seoul Bankruptcy Court]. Daily Impact. Retrieved 31 October 2022.
  53. ^ Choi, Seong-hook (11 November 2022). "쌍용자동차 19개월 만에 회생절차 종결" [Ssangyong Motor Company's receivership ends after nineteen months]. Seoul Economic Daily. Retrieved 12 November 2022.
  54. ^ Batchelor, James (24 December 2014). "SsangYong reveals Tivoli small SUV in production form". Auto Express. Retrieved 25 February 2015.

External links

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