Indian multi-national car manufacturing corporation Mahindra and Mahindra have announced their plans to invest around $1 billion into the South Korean utility vehicle specialists Ssang-Yong Motor Company.
Following the acquisition of a 74.65 per cent stake in SsangYong Motor in 2011, Mahindra and Mahindra have striven to legitimise the aspirations of the South Korean company in growing their status as a distinguished global auto-maker. Ownership from the Indian corporation has also provided SsangYong with the stability and knowledge that the motor company’s long-term interests are a priority which will be adhered to.
Managing director of Mahindra and Mahindra and chairman of SsangYong Motor Company (SYMC), Pawan Goenka, stated: “SYMC has heavily invested in product development. We (SYMC) have so far invested more than one trillion Korean won, which is roughly $1 billion. We plan to invest another one trillion Korean won over the next three to four years. That is another $1 billion.”
The investment funds are in part intended to support the company’s growing appetite for developing newer and more advanced vehicle models. This year alone, SsangYong has launched the pick-up version of the Rexton SUV: Rexton Grand, and the next generation version of the Korando SUV, which has seen its debut at the Geneva Motor Show in the first week of March. The Korean manufacturers also have plans for an upgraded version of the Tivoli expected to be launched within the second half of 2019.
It has also been announced that funds will also be allocated for the development of an assembly facility in Brazil, for the research and development of new engines, connected car equipment and electric vehicle technology. SsangYong Motor Company is targeting 2020 as the debut year for its electric vehicles with indications that the first of such vehicles will be the compact SUV Tivoli.
Mahindra and Mahindra assistance in accelerating SsangYong’s market presence and global appeal significantly within the past eight years has begun to pay off. Last year the motor company managed to climb to the third spot in sales within South Korea for the first time since 2013.
Through the next fund injection, Mahindra and Mahindra aim to maintain the company’s positive trajectory, developing new and exciting products for their global customer base.
To view the SsangYong model range, visit the SsangYong Motors Malta dedicated showroom in Attard which is open from Monday to Friday between 9am and 6pm, and on Saturday between 9am and 1pm. For more information, call 2339 2340/1 or 7979 8998. You may also send an e-mail to info@ssangyong.mt for more details.
SsangYong Motors Malta is a Mobility Business Unit within Famalco|Building Businesses.
Korando SUV at the Geneva Motor Show this year.