Mahindra & Mahindra finally get some solace as it finds a prospective buyer for its long and hard-toiling Korean SUV maker SsangYong brand. They established the deal and are yet to decide the final purchase price. Mahindra and Mahindra had the majority stake in the SsangYong brand since 2011 that is close to 75% of it.
SsangYong goes unsustainable with poor finance in-flow
SsangYong brand was nearing bankruptcy in 2010 when Indian automobile giant Mahindra decided to invest as an investor. Though Mahindra had plans to revive the brand, they struggled to bring it to profitability. Mahindra tried to bring back the brand to life, but faced difficulties as the predecessor Rexton and its successor SUV Mahindra Alturas has not been able to do well in the Indian market.SsangYong was rapidly hunting to seek buyers as Mahindra has decided not to invest further in it.
In December 2020, SsangYong was owing debts amounting to a whopping sum of 315 billion won towards its creditors, the INR equivalent of it being approximate Rs.2000 crore. It got orders to be restructured by a bankruptcy court.
Edison Motors- A futuristic turning point for SsangYong
Edison Motors is a new entrant in the electric vehicle segment and began in the year 2015. It has plans to tap the highly futuristic electric crossover and SUV market by promoting them under the SsangYong brand. It is already manufacturing electric buses and many commercial vehicles.
SsangYong holds the flag high despite tough times!
Though SsangYong is going through a financial crisis, it is still very focused on its future product manufacturing strategies. The Korando, in its electric crossover version, is about to hit the markets soon. The macho-man personality of the SUV J100 after that will be the next blockbuster on the roads.
Mahindra’s plan for India
The all-new Mahindra XUV700 has been a phenomenon in the Indian market. The SUV has gathered good attention with its design and mind-blowing features (some of which are segment first). The next launch from Mahindra will be the eKUV100, which is expected in December of this year.
But the launch everyone is waiting for is the next-gen Scorpio. The SUV has been spotted multiple times testing in its camo. The overall design of the SUV is going to be revamped, both on the exterior and the interior. The next-gen Scorpio is expected to be unveiled in early 2022.