South Korean car brand SsangYong will soon have a new owner.
According to a report by Reuters, SsangYong will be acquired by a consortium led by Edison Motors in a deal worth 305 billion South Korean won (over P13 billion).
The COVID-19 pandemic has not been kind to the South Korean car manufacturer. This update comes following a tumultuous past couple of years for SsangYong that saw it default on billions worth of loans and file for receivership.
To make matters worse, the brand’s sales dipped by 21% in 2021 compared to the year prior. Reuters added that the company reported an operating loss of 238 billion South Korean won (more than P10 billion) from January to September last year.
Edison Motors was founded in South Korea back in 2015, and is best known for manufacturing electric buses. The landing page of the company’s official website boldly claims it will eventually overtake Tesla in the electric car industry.
We have already reached out to SsangYong Philippines for comment regarding this news, but have yet to receive a reply as of this writing. What do you think this means for the nameplate in the local market? Let us know in the comments.
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