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Korean electric truck manufacturer: Edison takes over SsangYong

A consortium around the South Korean electric truck manufacturer Edison Motors wants the ailing off-road vehicle specialist SsangYong Motor for 304.86 billion won (about 224 million euros). Both sides signed a corresponding takeover agreement, said SsanYong in a stock exchange release. An insolvency court approved the takeover.

According to the information, the contract will only take effect if the court also approves Edison’s restructuring plans. According to reports from the South Korean media, the plans must be in place by March 1. The majority of SsangYong’s creditors also have yet to approve the company’s debt settlement plans.

Until then, SsangYong will remain under receivership. Insolvency proceedings were initiated for the automaker last April.

Conversion to electric car manufacturer

SsangYong Motor is the fourth largest South Korean automobile manufacturer. Since 2011 it has been majority owned by the Indian commercial vehicle manufacturer Mahindra & Mahindra. The Indians had tried in vain to sell their majority since 2020. Edison, which manufactures e-trucks and e-buses, wants to convert SsangYong into an e-car manufacturer.

SsangYong’s sales fell by 21 percent year-on-year to just under 84,500 cars in 2021. (dpa / gem)

Also read:

SsangYong names preferred bidder

Three bidders in the running: SsangYong shortly before the sale

The bidding process for SsangYong has started

SsangYong under bankruptcy administration

From the data center:

Sales of various brands in Germany until December 2021

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Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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