Ssangyong: New Investor Wanted

Ssangyong has to look for investors again: After concluding the acquisition agreement, the Koreans presented a restructuring plan to the competent court at the end of February. This plan envisaged the repayment of outstanding claims and changes to shareholders' rights as soon as the full payment had been received. Following the cancellation of the investment agreement with the Edison Motors Consortium, Ssangyong will now seek a new investor and submit an appropriate restructuring plan within the legal deadline.

The situation at Ssangyong has improved since summer 2021

According to the company, Ssangyong is benefiting from an improved starting position compared to the beginning of the acquisition process in the summer of 2021. According to the company, more than 13,000 orders are currently still outstanding, partly due to the semiconductor shortage. Additionally, the brand's first electric vehicle, the e-Motion, has just been launched in Europe.

At the end of June 2022, production of the J100, a slightly larger SUV than the Korando, is scheduled to start. In the second half of 2023, the U100, the electric variant of the J100, is set to follow. Ssangyong is also planning a CKD assembly plant in Saudi Arabia, which is expected to start production in 2023 with an annual capacity of 30,000 units.

What does this mean?

Ssangyong has somewhat freed itself from the crisis, yet the investor has now backed out again. This is all the more annoying as Ssangyong is also pushing ahead with the transformation to e-mobility and has new models in the pipeline.