Ssangyong sold to South Korean consortium for US$255 million

The South Korean carmaker has been under court receivership since April 2021

A South Korean consortium led by Edison Motors has agreed to buy debt-ridden SsangYong Motors from Mahindra & Mahindra for 305 million Won (US$ 255 million).

SsangYong Motor Company is said to have reported an operating loss of Rs. 1,473 crore (238 billion Won), between January and September 2021. The sales of the carmaker fell by around 21 per cent to 84,496 units in 2021, compared to the year earlier.

The South Korean carmaker has been under court receivership since April 2021, as Mahindra & Mahindra failed to secure a buyer for the company. The Indian automaker, which bought a 75% majority share of SsangYong back in 2010 has been trying to sell all if not most of its stake.

Source: Reuters