ID :
204729
Thu, 09/01/2011 - 13:13
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Shortlink :
https://oananews.org//node/204729
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Ssangyong Motor re-enters China with new SUV
By Kim Young-gyo
HONG KONG, Sept. 1 (Yonhap) -- Ssangyong Motor Co., South Korea's smallest automaker, said Thursday it has re-entered China with its new sport utility vehicle (SUV) in a bid to tap into the world's largest automobile market.
In 2006, Ssangyong Motor began exporting SUVs to China, but shipments were halted after the automaker was placed under court bankruptcy protection in February 2009.
The company said the first shipment of its SUVs was made late Wednesday to China's northern port city of Tianjin.
The South Korean automaker said it aims to sell 30,000 to 50,000 units of the latest version of its flagship SUV model, the Korando, by the end of 2013.
Ssangyong Motor opened its China headquarters in Shanghai in February and plans to set up its Beijing office in a few years.
Last November, Ssangyong Motor agreed to sell its majority stake worth 520 billion won (US$460 million) to Mahindra & Mahindra Ltd., an Indian utility vehicle maker.
Ssangyong Motor had been under China's top automaker, Shanghai Automotive Industry Corp., since 2004.
The former Chinese parent company, however, failed to nurture Ssangyong Motor to challenge bigger rivals Hyundai Motor Co. and its affiliate Kia Motors Corp., and abandoned Ssangyong in January 2009 in the wake of the global financial crisis.
HONG KONG, Sept. 1 (Yonhap) -- Ssangyong Motor Co., South Korea's smallest automaker, said Thursday it has re-entered China with its new sport utility vehicle (SUV) in a bid to tap into the world's largest automobile market.
In 2006, Ssangyong Motor began exporting SUVs to China, but shipments were halted after the automaker was placed under court bankruptcy protection in February 2009.
The company said the first shipment of its SUVs was made late Wednesday to China's northern port city of Tianjin.
The South Korean automaker said it aims to sell 30,000 to 50,000 units of the latest version of its flagship SUV model, the Korando, by the end of 2013.
Ssangyong Motor opened its China headquarters in Shanghai in February and plans to set up its Beijing office in a few years.
Last November, Ssangyong Motor agreed to sell its majority stake worth 520 billion won (US$460 million) to Mahindra & Mahindra Ltd., an Indian utility vehicle maker.
Ssangyong Motor had been under China's top automaker, Shanghai Automotive Industry Corp., since 2004.
The former Chinese parent company, however, failed to nurture Ssangyong Motor to challenge bigger rivals Hyundai Motor Co. and its affiliate Kia Motors Corp., and abandoned Ssangyong in January 2009 in the wake of the global financial crisis.
