SsangYong Motor

SsangYong Motor
Native name
 쌍용자동차 주식회사
Public
Traded as KRX: 003620
Industry Automotive
Founded 4 March 1954 (1954-03-04)[1]
Headquarters Seoul, South Korea
Area served
 Worldwide (except North America)
Key people
 Pawan Kumar Goenka, (Chairman)
Johng Sik-Choi, (President & CEO)
Products Automobiles and commercial vehicles
Production output
 Increase 119,142 (2012)[1]
Revenue Decrease ₩2.874 trillion (2012)[1][2]
Increase ₩-98.12 billion (2012)[2]
Increase ₩-105.93 billion (2012)[2]
Total assets Increase ₩1.85 trillion (2012)[2]
Total equity Decrease ₩800.66 billion (2012)[2]
Number of employees
 4,365 (2012)[1]
Parent Mahindra & Mahindra Limited
Website smotor.com

SsangYong Motor Company(Korean: 쌍용자동차, IPA: [s͈aŋjoŋ dʑadoŋtɕʰa]) (meaning Double Dragons Motor Vehicles) is the fourth largest South Korea-based automobile manufacturer. It is a subsidiary of Indian multinational Mahindra & Mahindra Limited.[3]

A 70% share of SsangYong was acquired by Mahindra & Mahindra Limited in February 2011,[4] after being named the preferred bidder in 2010 to acquire the bankruptcy-protected company.[5] Mahindra's acquisition was approved by South Korea's Free Trade Commission.[6]

History

Firetrucks produced by SsangYong and its predecessor, Dong-A Motor.
The Musso was a result of collaboration between SsangYong and Daimler-Benz.
SsangYong Motor
Hangul 쌍용자동차 주식회사
Hanja 雙龍自動車 株式會社
Revised Romanization Ssangyong Jadongcha Jusikhoesa
McCune–Reischauer Ssangyong Chadongch'a Chusikhoesa

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.[7][8]

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.[9] In 1987, it acquired United Kingdom-based specialty car maker Panther Westwinds.[9]

In 1991, SsangYong 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.[10] This resulted in the Musso, which was sold first by Mercedes-Benz and later by SsangYong.[11]

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),[12] the Chairman H (chassis and transmission)[13] and the Kyron (transmission).[14]

In 1997, Daewoo Motors, now Tata Daewoo, 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.

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.[15] On August 14, 2009, worker strikes finished at the SsangYong factory and production commenced again after 77 days of disruption.[16] 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.[17][18] SAIC denied allegations of technology theft by the company's employees.[19] 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.[20]

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 ₩20,000,000,000 ($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.[21]

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%.[22] The companies were later revealed to be Mahindra & Mahindra and the Ruia Group of India and SM Aluminum, Seoul Investments and French-owned Renault Samsung Motors of South Korea.[23][24] In August 2010, Mahindra & Mahindra Limited was chosen as the preferred bidder for SsangYong.[25] The acquisition was completed in February 2011[4][26] and cost Mahindra 522.5 billion Won.[27]

Factories

Current model lineup

Name Production Notes Image
SUVs
Tivoli 2015–present SsangYong's first new model under Mahindra & Mahindra ownership[28]
Actyon 2006–present Replaced the old Korando
Rexton W 2012–present Replaced the Rexton II
Korando 1983–2006,
2010–present		 Replaced by the Actyon, revived in late 2010
Pickup trucks
Actyon Sports 2006–present Replaced the Musso Sports; also known as Korando Sports from 2012
Vans
Rodius/Stavic 2004–present
Luxury cars
Chairman W 2008–present Was sold alongside the Chairman H
Trucks and Buses
DA Truck Based on Nissan Diesel Truck
SY Truck Based on Mercedes-Benz trucks
Transtar Based on Mercedes-Benz buses


Former model lineup

Name Production Notes Image
SUVs
Kyron 2005–2014 SsangYong's first model under SAIC ownership
Rexton II 2006–2012 Replaced the Rexton
Musso 1993–2005 Replaced by the Kyron
Rexton 2001–2005 Replaced the Musso and succeeded by the Rexton II
Korando Family 1988–1995 Based on the Isuzu Trooper
Pickup trucks
Musso Sports 2002–2005 Replaced by the Actyon Sports
Vans
Istana 1995–2003 Licensed copy of the Mercedes-Benz MB100
Luxury cars
Chairman H 1997–2014 Based on the Mercedes-Benz W124
Kallista 1992 Rebadged Panther Kallista

See also

References

  1. 1 2 3 4 "Annual Report 2013. Korean Automobile Industry" (PDF). Korea Automobile Manufacturers Association. ISBN 978-89-8056-042-4. Archived (PDF) from the original on 2013-08-22. Retrieved 2013-08-21.
  2. 1 2 3 4 5 "2012 Consolidated Financial Statements" (PDF). SsangYong Motor. Retrieved 2013-08-22.
  3. ↑ "Ssangyong Motors". Smotor.com. Retrieved 2011-02-25.
  4. 1 2 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. Retrieved 2011-02-25.
  5. ↑ Seo, Sookyung (2010-10-13). "Mahindra May Complete Acquiring Ssangyong Controlling Stake in Early 2011". Bloomberg.com. Retrieved 2011-02-25.
  6. ↑ "South Korea’s watchdog nods Mahindra buy of Ssangyong". Livemint.com. 2010-10-29. Retrieved 2011-02-25.
  7. ↑ Archived April 14, 2009, at the Wayback Machine.
  8. ↑ Dastidar, Surajit Ghosh (2011). "Mahindra and Mahindra's Acquisition of SsangYong Motor Company" (PDF). Vidwat Journal. EBSCO Publishing. 4 (2): 31–38. ISSN 0975-055X. Retrieved 2013-08-22.
  9. 1 2 Archived December 29, 2008, at the Wayback Machine.
  10. ↑ "Musso-Mercedes match was a rocky road - www.drive.com.au". Drive.com.au. 2000-05-18. Retrieved 2009-09-19.
  11. ↑ David Morley (2000-05-18). "Musso-Mercedes match was a rocky road". Fairfax Media. Retrieved 2011-03-21.
  12. ↑ Jonathan Hawley (2004-07-04). "Old-fashioned values". Fairfax Media. Retrieved 2011-03-21.
  13. ↑ Bruce Newton (2005-05-10). "SsangYong Chairman CM600S". Fairfax Media. Retrieved 2011-03-21.
  14. ↑ Bruce Newton (2006-05-31). "SsangYong Kyron". Fairfax Media. Retrieved 2011-03-21.
  15. ↑ Feb. 24, 2011 (2009-01-09). "Article from". MarketWatch. Retrieved 2011-02-25.
  16. ↑ "INSIDE JoongAng Daily". Joongangdaily.joins.com. 2009-08-14. Retrieved 2009-09-27.
  17. ↑ "S.Korea Co Ssangyong Motor Awaits Key Ruling On Turnaround Plan". TradingMarkets.com. Retrieved 2011-02-25.
  18. ↑ Sebastian Blanco (2009-10-12). "REPORT: SAIC stole hybrid technology, says Ssangyong". Autoblog Green. Retrieved 2011-03-21.
  19. ↑ "'먹튀 논란' 상하이車 반박 "쌍용車 주장 근거없어" - 아시아경제". Asiae.co.kr. Retrieved 2011-02-25.
  20. ↑ "쌍용차 기술, 中상하이차로 유출 : : 뉴스 : 동아닷컴". News.donga.com. 2009-11-12. Retrieved 2011-02-25.
  21. ↑ "INSIDE JoongAng Daily". Joongangdaily.joins.com. 2010-03-24. Retrieved 2011-02-25.
  22. ↑ Saefong, Myra P. (2010-04-08). "Asia Follows Wall Street Lower". The Wall Street Journal.
  23. ↑ "End of speculation: Mahindra enters the fray for ailing Ssangyong Motor | Indian Cars & Motorcycles Blog". Indiancarsbikes.in. 2010-05-17. Retrieved 2011-02-25.
  24. ↑ "Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor". Iii.co.uk. Retrieved 2011-02-25.
  25. ↑ "Mahindra chosen preferred bidder for Ssangyong Motors". Sify.com. 2010-08-12. Retrieved 2011-02-25.
  26. ↑ "UPDATE: Mahindra Aims To Complete Ssangyong Acquisition In Four Months". The Wall Street Journal. 2010-08-25.
  27. ↑ "Mahindra reportedly inks deal to buy Ssangyong for $463M". Autoblog. 23 November 2010. Retrieved 23 November 2010.
  28. ↑ Batchelor, James (24 December 2014). "SsangYong reveals Tivoli small SUV in production form". Auto Express. Retrieved 25 February 2015.
SsangYong Motor Company, automobile timeline, 1980s–present
Type 1980s 1990s 2000s 2010s
0123456789 0123456789 0123456789 01234567
Full-size luxury car Chairman H
Chairman W
Mini SUV Korando I Korando II Tivoli
Compact SUV Actyon Korando III
Mid-size SUV Korando Family Musso Kyron
Rexton I Rexton II Rexton III
Pick-up Musso Sports Actyon Sports
Compact MPV XLV
Large MPV Istana Rodius I Rodius II
Roadster Kallista
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