Edison Motors to acquire Ssangyong for US$ 260 million

At present, Mahindra & Mahindra controls a majority 75% stake in the company.

Mahindra-owned South Korean carmaker Ssangyong Motors will be sold to Edison Motors, in a deal that is estimated to be worth about US$ 260 million.

Earlier this week, Ssangyong confirmed that Edison Motors-led consortium, which includes a South Korean investment fund, was its preferred bidder. The company manufactures electric buses and is developing commercial trucks. It aims to produce passenger EVs in the near future.

Ssangyong ran into financial trouble in 2020 after its output dropped by 20%. The company filed to enter receivership in December.

In 2004, Ssangyong was acquired by China-based SAIC Motor. At present, Mahindra & Mahindra controls a majority 75% stake in the company.

Source: Nikkei