SsangYong Motor Company is an automobile manufacturer from South Korea. The company was created in 1954 by absorbing the company Hadongwahn Motor. It was the first producer of vehicles in the country. In the 1970s, the company specialized in the manufacture of trucks, fire trucks and other vehicles for specific purposes.
In the early 80's the company, which was called Dong A Motor, acquires Keowha, specializing in the manufacture of luxury utility vehicles, which also had the Jeep license for off-road vehicles. In 1986 the automotive company definitively changed its name to SsangYong Motor and specialized in the manufacture of utility and off-road vehicles.
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In 1991, he signed a technical collaboration contract with Mercedes Benz for the development of gasoline engines. In 1993, he signed a capital investment agreement and a technical cooperation agreement with Mercedes Benz, for the development of diesel engines. In this way, he believes he acquired 5% of the shares of SangYong Motor Company, a share that he still has. In 1998 the Daewoo group absorbed SsangYong. In 2000 it is separated from the Daewoo group.
At the end of 2004 the Chinese group Shanghai Automotive Industry Corporation (SAIC) bought 51% of the shares of SsangYong, being later accused by employees of SsangYong to copy their technology and take the Korean company to bankruptcy.
The Ssangyong Certificate of Conformity is available to all Ssangyong built by the European market.
SsangYong's 70% stake was acquired by India's Mahindra & Mahindra Limited in February 2011, after being named the preferred bidder in 2010 to acquire the bankruptcy protected company. The acquisition of Mahindra was approved by the Free Trade Commission of South Korea.
In late 2009, the Seoul District Court approved the restructuring plan of SangYong Motor Company, which will provide the automaker with the possibility of stabilizing operations and reorganizing its debt. The decision comes eleven months after SsangYong applied for judicial protection. With the approval of the Court and the support of the Government, SsangYong will carry out its plans to improve its financial structure, hoping to complete the whole process by the end of 2010. As a result of this plan, SsangYong Motor Company expects to enter short-term benefits. term.
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With these good prospects, SsangYong enters fully into its new five-year product development plan. During this period SsangYong Motor Company, will launch a new vehicle per year, which will involve five new models. While they will continue to develop models belonging to the SUV segment, these will go more in line with the new market trends where compact cars and green cars are demanded.