SsangYong Motor Company


SsangYong Motor Company
SsangYong Motor Company
Industry Automotive
Founded 1954
Headquarters Seoul, South Korea
Area served Worldwide
Key people Pawan Goehka, Chairman
Lee Yoo-il, Chief Executive Officer
Products Automobiles and Commercial vehicles
Parent Mahindra & Mahindra Limited
Website smotor.com
SsangYong Motor Company
Korean name
Hangul 쌍용자동차
Hanja 雙龍自動車
Revised Romanization Ssangyong Jadongcha
McCune–Reischauer Ssangyong Chadongch'a

SsangYong Motor Company (Hangul: 쌍용자동차; Hanja: 雙龍自動車) is the fourth largest South Korean automobile manufacturer.[1] The name SsangYong means double dragons.

SsangYong was acquired by India's Mahindra & Mahindra Limited in February 2011,[2] after being named the preferred bidder in 2010 to acquire the bankruptcy-protected company.[3] Mahindra's acquisition was approved by South Korea's Free Trade Commission.[4]

Contents

History

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.[5]

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 in 1977, it was taken over by Ssangyong Business Group in 1986 and changed its name to SsangYong Motor.[6] In 1987, it acquired United Kingdom-based specialty car maker Panther Westwinds.[6]

The Musso was a result of collaboration between SsangYong and Daimler-Benz.

In 1991 it 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.[7] This resulted in the SsangYong Musso, which was sold first by Mercedes-Benz and later by SsangYong.[8]

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)[9], the Chairman H (chassis and transmission)[10] and the Kyron (transmission).[11]

In 1997 Daewoo Motors 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 (pictured) was allegedly stolen by SAIC [citation?].

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.[12] On August 14, 2009, worker strikes finished at the SsangYong factory and production commenced again after 77 days of disruption.[13] 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.[14][15] SAIC denied allegations of technology theft by the company's employees.[16] 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.[17]

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 billion won ($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.[18]

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%.[19] The companies were later revealed to be Mahindra & Mahindra Limited and the Ruia Group of India and SM Aluminum, Seoul Investments and Renault Samsung of South Korea.[20][21] In August 2010, Mahindra & Mahindra Limited was chosen as the preferred bidder for SsangYong.[22] The acquisition was completed in February 2011[2][23] and cost Mahindra 522.5 Billion Won.[24]

Model lineup

Name Production Notes Image
SUVs
Korando 2010–present 20110313 ssangyong korando c 001.jpg
Actyon 2006–present Replaced the old Korando SsangYong Actyon front 20080303.jpg
Rexton II 2006–present Replaced the Rexton Rexton II 2.7 XDI 186 cavalli 2008.jpg
Kyron 2005–present 2010 SsangYong Kyron 2.7 XDI.JPG
Rexton 2001–2005 Replaced the Musso and was replaced by the Rexton II SsangYong Rexton RX270 XDi.JPG
Musso 1993–2005 Replaced by the Rexton SsangYong Musso.JPG
Korando 1983–2006 Replaced by the Actyon, revived in late 2010 SsangYong Korando front 20080711.jpg
Family 1988–1995 Based on the Isuzu Trooper Ssangyong family.JPG
Pickup trucks
Actyon Sports 2006–present Replaced the Musso Sports Ssang Yong Actyon Sports.jpg
Musso Sports 2002–2005 Replaced by the Actyon Sports Ssangyong Musso Sports.jpg
Vans
Rodius/Stavic 2004–present SSangyong Rodius.jpg
Istana 1995–2003 Licensed copy of the Mercedes-Benz MB100 Ssangyong istana cropped.JPG
Luxury cars
Chairman W 2008–present Sold alongside the Chairman H SsangYong Chairman W.JPG
Chairman H 1997–present Based on the Mercedes-Benz W124 Ssangyong Chairman -- Korea.jpg
SsangYong Kallista 1992 Rebadged Panther Kallista Panther Kallista white.jpg
Trucks and Buses
SY Truck Based on Mercedes-Benz trucks Ssangyong truck.JPG
Transtar Based on Mercedes-Benz buses SsangYong SB85M Transstar.JPG

See also

Factory 1b.svg Companies portal

References

  1. ^ "Ssangyong Motors". Smotor.com. http://www.smotor.com/en?act=FNEWSVIEW&bizCateID=7&bizSeq=460. Retrieved 2011-02-25. 
  2. ^ 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. http://timesofindia.indiatimes.com/business/india-business/MM-seals-470m-Ssangyong-deal/articleshow/7505113.cms. Retrieved 2011-02-25. 
  3. ^ Seo, Sookyung (2010-10-13). "Mahindra May Complete Acquiring Ssangyong Controlling Stake in Early 2011". Bloomberg.com. http://www.bloomberg.com/news/2010-10-13/mahindra-may-complete-acquiring-ssangyong-controlling-stake-in-early-2011.html. Retrieved 2011-02-25. 
  4. ^ "South Korea’s watchdog nods Mahindra buy of Ssangyong". Livemint.com. 2010-10-29. http://www.livemint.com/2010/10/29110151/South-Korea8217s-watchdog-n.html?h=A4. Retrieved 2011-02-25. 
  5. ^ [1][dead link]
  6. ^ a b [2][dead link]
  7. ^ "Musso-Mercedes match was a rocky road - www.drive.com.au". Drive.com.au. 2000-05-18. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=8548&vf=1. Retrieved 2009-09-19. 
  8. ^ David Morley (2000-05-18). "Musso-Mercedes match was a rocky road". Fairfax Media. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=8548&vf=1. Retrieved 2011-03-21. 
  9. ^ Jonathan Hawley (2004-07-04). "Old-fashioned values". Fairfax Media. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=8117&vf=1. Retrieved 2011-03-21. 
  10. ^ Bruce Newton (2005-05-10). "SsangYong Chairman CM600S". Fairfax Media. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=9590&vf=1. Retrieved 2011-03-21. 
  11. ^ Bruce Newton (2006-05-31). "SsangYong Kyron". Fairfax Media. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=12193&vf=1. Retrieved 2011-03-21. 
  12. ^ 2:49 p.m. Feb. 24, 2011 (2009-01-09). "Article from". MarketWatch. http://www.marketwatch.com/news/story/story.aspx?guid={33388F5B-4074-44B7-ADF7-A2E81E3DD291}&siteid=rss. Retrieved 2011-02-25. 
  13. ^ "INSIDE JoongAng Daily". Joongangdaily.joins.com. 2009-08-14. http://joongangdaily.joins.com/article/view.asp?aid=2908767. Retrieved 2009-09-27. 
  14. ^ "S.Korea Co Ssangyong Motor Awaits Key Ruling On Turnaround Plan". TradingMarkets.com. http://www.tradingmarkets.com/.site/news/Stock%20News/2730674/. Retrieved 2011-02-25. 
  15. ^ Sebastian Blanco (2009-10-12). "REPORT: SAIC stole hybrid technology, says Ssangyong". Autoblog Green. http://green.autoblog.com/2009/11/12/report-saic-stole-hybrid-technology-says-ssangyong/. Retrieved 2011-03-21. 
  16. ^ "'먹튀 논란' 상하이車 반박 "쌍용車 주장 근거없어" - 아시아경제". Asiae.co.kr. http://www.asiae.co.kr/news/view.htm?idxno=2009011607170963927&nvr=y. Retrieved 2011-02-25. 
  17. ^ "쌍용차 기술, 中상하이차로 유출 : : 뉴스 : 동아닷컴". News.donga.com. 2009-11-12. http://news.donga.com/3/all/20091112/24056537/1. Retrieved 2011-02-25. 
  18. ^ "INSIDE JoongAng Daily". Joongangdaily.joins.com. 2010-03-24. http://joongangdaily.joins.com/article/view.asp?aid=2918262. Retrieved 2011-02-25. 
  19. ^ Saefong, Myra P. (2010-04-08). "Asia Follows Wall Street Lower". The Wall Street Journal. http://online.wsj.com/article/SB10001424052702303720604575170692597890662.html?mod=WSJ_latestheadlines. 
  20. ^ "End of speculation: Mahindra enters the fray for ailing Ssangyong Motor | Indian Cars & Motorcycles Blog". Indiancarsbikes.in. 2010-05-17. http://www.indiancarsbikes.in/auto-news/mahindra-buy-korean-ssangyong-motor-company-11167/. Retrieved 2011-02-25. 
  21. ^ "Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor". Iii.co.uk. http://www.iii.co.uk/news/?type=afxnews&articleid=7916589&action=article. Retrieved 2011-02-25. 
  22. ^ "Mahindra chosen preferred bidder for Ssangyong Motors". Sify.com. 2010-08-12. http://sify.com/finance/mahindra-chosen-preferred-bidder-for-ssangyong-motors-news-default-kimq4caaahf.html. Retrieved 2011-02-25. 
  23. ^ "UPDATE: Mahindra Aims To Complete Ssangyong Acquisition In Four Months". The Wall Street Journal. 2010-08-25. http://online.wsj.com/article/BT-CO-20100825-709193.html. 
  24. ^ "Mahindra reportedly inks deal to buy Ssangyong for $463M". Autoblog. 23 November 2010. http://www.autoblog.com/2010/11/23/mahindra-reportedly-inks-deal-to-buy-ssangyong-for-463m/. Retrieved 23 November 2010. 

External links


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