SsangYong Motor

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SsangYong Motor Company
Native name
쌍용자동차 주식회사
TypePublic
KRX: 003620
IndustryAutomotive
Founded4 March 1954; 67 years ago (1954-03-04)[1]
FateFiled for court receivership and bankruptcy
HeadquartersPyeongtaek, Gyeonggi-do, South Korea
Area served
Worldwide (except Japan, and North America)
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]
ParentMahindra & Mahindra Limited (74.65%)
WebsiteOfficial website

SsangYong Motor Company (Korean: 쌍용자동차 주식회사) is the fourth largest South Korea-based automobile manufacturer,[3] which is owned by Indian multinational automotive company Mahindra & Mahindra Limited.

A 70% share of SsangYong was acquired by Mahindra & Mahindra in February 2011,[4] after being named the preferred bidder in 2010 to acquire the bankruptcy-protected company.[5] Mahindra's acquisition was approved by South Korea's Free Trade Commission.[6] As of January 2019, Mahindra & Mahindra holds a 74.65% stake in the company.[7]

History[]

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.[8][9] (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.[10][11]

Gallery[]

  • Dong-A DA 30 with Ha Dong-hwan body

  • Firetrucks produced by SsangYong and its predecessor, Dong-A Motor

  • 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.[12] Its predecessor was the Jeep assembly joint venture of Shinjin Motors and American Motor Corporation (AMC), established in 1974.[13][14] 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".[14] 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.[15] In 1987, it acquired United Kingdom-based specialty car maker Panther Westwinds.[15]

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 an 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.[16] This resulted in the Musso, which was sold first by Mercedes-Benz and later by SsangYong.[17]

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),[18] the Chairman H (chassis and transmission)[19] and the Kyron (transmission).[20]

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.

SsangYong's hybrid technology.

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.[21] On August 14, 2009, worker strikes finished at the SsangYong factory and production commenced again after 77 days of disruption.[22] 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.[23][24] SAIC denied allegations of technology theft by the company's employees.[25] 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.[26]

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.[27]

Takeover by Mahindra Automotive[]

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

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%.[28] The companies were later revealed to be Mahindra & Mahindra, Ruia Group, SM Aluminum, Seoul Investments and French-owned Renault Samsung Motors of South Korea.[29][30] In August 2010, Mahindra & Mahindra Limited was chosen as the preferred bidder for SsangYong.[31] The acquisition was completed in February 2011[4][32] and cost Mahindra US$463.6 million.[33]

In 2015, SsangYong launched the Tivoli, its first car launched 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 is also working with its SsangYong subsidiary to introduce high performance electric vehicles in South Korea for mass-market sales.[37] Mahindra and SsangYong have increased their collaboration on engines and electric cars.[38]

On 21 December 2020, SsangYong Motor filed for bankruptcy.[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]

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 SsangYong Rexton Y450 front.jpg
Tivoli 2015–present SsangYong's first new model under Mahindra & Mahindra ownership[41] 2020 SsangYong Tivoli FL Front.jpg
XLV 2016–present Extended version of the Tivoli; also known as Tivoli Air in South Korea. 2016-03-01 Geneva Motor Show 1262.JPG
Korando 1983–2006,
2010–present 		Replaced by the Actyon, revived in late 2010, replaced by the C300 in 2019 SsangYong Korando, GIMS 2019, Le Grand-Saconnex (GIMS1297).jpg
Pickup trucks
Musso (Pickup) 2018–present Replaced the Actyon Sports; also known as Rexton Sports in South Korea 2018 Ssangyong Musso Saracen Automatic 2.2 Front.jpg

Former model lineup[]

Name Production Notes Image
SUVs
Actyon 2006–2016 Replaced the old Korando SsangYong Actyon facelift 01 Auto China 2014-04-23.jpg
Kyron 2005–2014 SsangYong's first model under SAIC ownership 2010 SsangYong Kyron 2.7 XDI.JPG
Musso 1993–2005 Replaced by the Kyron SsangYong Musso front 20080320.jpg
Korando Family 1988–1995 Based on the Isuzu Trooper Ssangyong Korando Family RX 2.6i 1994 (41986297941).jpg
Pickup trucks
Musso Sports 2002–2005 Replaced by the Actyon Sports 2006 SsangYong Musso Sports utility (2015-07-03) 01.jpg
Actyon Sports 2006–2018 Replaced the Musso Sports; also known as Korando Sports from 2012 Actyon sports 2012.jpg
Vans
Istana 1995–2003 Licensed copy of the Mercedes-Benz MB100 Mercedes-Benz MB140D in Bangkok.jpg
Rodius/Stavic 2004–2019 Also known as Korando Turismo in South Korea. 00 ssangyong korandoturismo 1.jpg
Luxury cars
Chairman W 2008–2017 Was sold alongside the Chairman H 20111014 ssangyong new chairman w 1.jpg
Chairman H 1997–2014 Based on the Mercedes-Benz E-Class (W210) Ssangyong Chairman -- Korea.jpg
Kallista 1992 Rebadged Panther Kallista Panther Kallista white.jpg
Trucks and Buses
DA Truck Based on Nissan Diesel Truck
SY Truck Based on Mercedes-Benz trucks Ssangyong truck.JPG
Transstar Based on Mercedes-Benz buses SsangYong SB85M Transstar.JPG

See also[]

  • Mahindra Group

References[]

  1. ^ Jump up to: 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 2013-08-22. Retrieved 2013-08-21.
  2. ^ Jump up to: a b c d e "2012 Consolidated Financial Statements" (PDF). SsangYong Motor. Retrieved 2013-08-22.
  3. ^ "Ssangyong Motors". Smotor.com. Retrieved 2011-02-25.
  4. ^ Jump up to: a b Nandini Sen Gupta, TNN, Feb 16, 2011, 12.56am IST (2011-02-16). "M&M seals $470m Ssangyong deal - The Times of India". Timesofindia.indiatimes.com. Retrieved 2011-02-25.CS1 maint: multiple names: authors list (link)
  5. ^ Seo, Sookyung (2010-10-13). "Mahindra May Complete Acquiring Ssangyong Controlling Stake in Early 2011". Bloomberg.com. Retrieved 2011-02-25.
  6. ^ "South Korea's watchdog nods Mahindra buy of Ssangyong". Livemint.com. 2010-10-29. Retrieved 2011-02-25.
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  8. ^ [1] Archived April 14, 2009, at the Wayback Machine
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  11. ^ "SsangYong - República Dominicana - Avelino Abreu SAS". Retrieved 19 September 2018.
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  13. ^ Kim, Joon. 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 2018-03-17.
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  19. ^ Bruce Newton (2005-05-10). "SsangYong Chairman CM600S". Fairfax Media. Retrieved 2011-03-21.
  20. ^ Bruce Newton (2006-05-31). "SsangYong Kyron". Fairfax Media. Retrieved 2011-03-21.
  21. ^ "Article from". MarketWatch. 2009-01-09. Retrieved 2011-02-25.
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External links[]

  • v
  • t
SsangYong Motor Company, automobile timeline, 1980s–present
Type 1980s 1990s 2000s 2010s 2020s
0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0
Full-size luxury car Chairman H
Chairman W
Mini SUV Korando I Korando II Tivoli
Compact SUV Actyon Korando III Korando IV
Mid-size SUV Korando Family Musso Kyron
Rexton I Rexton II Rexton III
Pick-up Musso Sports I Actyon Sports Musso Sports II
Compact MPV XLV
Large MPV Istana Rodius I Rodius II
Roadster Kallista
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