Ssangyong Expects To Register Profit In 2015
News: South Korean automaker Ssangyong Motor expects to post a profit in 2015, according to the company's CEO Yoo Il Lee. Mahindra & Mahindra will invest US$73mn in Ssangyong in May or June 2013, thereby increasing the Indian automaker's holding in Ssangyong to 73%. The investment comes as the South Korean automaker plans to unveil its next-generation X100 sports utility vehicle in early 2015. Ssangyong will also restart borrowing from banks in 2014 in order to fund its expansion.
BMI View: Mahindra & Mahindra's acquisition of a 70% stake in previously bankrupt South Korean carmaker Ssangyong Motor was finalised in March 2011, paving the way for the two companies to release investment plans for the SUV specialist. After enduring a protracted period without new model launches, BMI stated that overhauling its product range and entering new markets would be key to Ssangyong's turnaround.