Many sectors have been affected by the chip crisis that has erupted all over the world. While companies are working hard to respond to the demands in this process, they realize that this will not be possible after a certain period of time, and they slow down production significantly.
The automotive industry was also greatly affected by this process. The car dealerships, which were filled to the brim a few years ago due to the extremely slowdown in production, do not have almost brand new vehicles today. At this point, SsangYong, which continues its activities actively in our country, changes hands after the financial problems.
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SsangYong sells for $260 million
Most of SsangYong’s shares were acquired by Mahindra & Mahindra in 2009. At this point, the company, which survived with the investments of the Indian company, started to lose blood with the effect of the pandemic and the chip crisis. It reduced its production by nearly 20 percent in 2020 and removed only 106,000 vehicles from its factories.
In December 2020, the company could not stand it any longer and filed for bankruptcy protection. With this, negotiations with potential buyers began. According to the latest information, the buyer has started to appear.
SsangYong officially announced that it has chosen a consortium led by Edison Motors, taking into account factors such as the offer, future plans and investment strength. However, the company will not be sold immediately due to filing for bankruptcy protection for now. According to industry sources, the official announcement about the acquisition will come towards the end of November.
Founded in 2015, South Korean Edison Motors will pay just $260 million to acquire SsangYong. Edison Motors, which stands out with its electric buses, aims to follow a different path after acquiring the automobile company.
Edison Motors Chairman of the Board Kang Young-kwon stated at the online press conference that they will make SsangYong a prominent company with its electric cars in three to five years. In addition, he signaled that they would be quite generous in investment.
As it will be remembered, SsangYong had filed for bankruptcy protection by experiencing financial difficulties before joining Mahindra & Mahindra in 2009. It is a matter of great curiosity what moves the company, which is experiencing the same situation again today, will make in the automobile industry in the coming periods.