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US-based HAAH Automotive Holdings to acquire Ssangyong

HAAH plans to launch Ssangyong SUVs and pick-up trucks in USA and Canada.

According to a media report, US-based HAAH Automotive Holdings is set to acquire Ssangyong Motor Co.

The report states that Mahindra had been in talks with HAAH since last year. The latter plans to acquire a majority stake in Ssangyong and will submit a Letter of Intent (LoI) by July 30, 2021.

At present, Mahindra holds a 74.65% stake in Ssangyong. The company has been going through financial turmoil and was even placed under court receivership for the second time in April this year.

If HAAH succeeds in acquiring Ssangyong, the company plans to introduce the brand in the USA and Canadian markets.

Source: ET Auto

 
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