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LATEST SSANGYONG NEWS By Broadspeed Online Editor
SSANGYONG GO AHEAD TO RESTRUCTURE
SsangYong Motor has cleared a big hurdle in its plans to restructure when the S Korean court approved its plans. The Korean court confirmed a recent assessment by Samil PricewaterhouseCoopers that the car maker had more value as going concern than liquidated. It ordered SsangYong to submit a restructuring plan by September 30 2009 at the latest. Although much was already in place, including the new model programme and workforce reduction more than one third, the court approval was positive. Mr Paul Williams, MD of Koelliker UK Ltd. (the Ssanyong distributor in the UK) commented: “SsangYong has a life line and can now implement change, this is what we were hoping for". Future continues to look challenging for SSanyong, as it does for the whole car industry, but this should mean we will see a much more efficient SsangYong car company. There will be a wider range of cars - all using the latest hybrid, petrol and diesel technology. The SsangYong C200 will start production by the end of 2009. SsangYong dealers can now plan their marketing with total confidence in the brand.”
ABOUT SSANGYONG
Ssangyong is a car company with a virtually unpronounceable name! But all you must do is ignore the additional "s". Few buyers ignore the very unusual street presence of a Ssangyong, which is the South Korean response to Land Rover and Jeep. Ssangyong leaned heavily on its 4WD technology for its raison d'être. Founded in 1954, Ssangyong built Jeeps for N America's biggest overseas garrison in S Korea, and this fact goes some way toward explaining the company's product lineup. Now, Ssangyong is the fifth largest car maker in South Asia. Ssangyong was a typical family-owned company, but only in 1988 did it use the Ssangyong brand name, when it was taken over by the Ssangyong Business Group. Ssangyong forged a technology partnership with Mercedes-Benz and in 1988 bought Panther-Westwinds, a British-based niche speciality car maker. Following the 1996 collapse of the South Korean economy, a controlling stake was bought by Daewoo in 1997, but Daewoo sold it three years later during its own serious financial crisis. The Daewoo-badged Ssangyong Korando and Ssangyong Musso models do exist in the UK imported during that period. SAIC or Shanghai Automotive Industry Corporation bought a 51% stake in Ssangyong in 2004. This purchase may assist SAIC in securing its market place within the UK, as Ssangyong is already established as a brand here. Ssangyong only sells three ranges of products in the UK, the Ssangyong Kyron and Ssangyong Rexton, both models are conventional SUV and 4WD rivals - plus the unusual Ssangyong Rodius 4WD MPV.
