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Owners
By SsangYong Motor Company it is created in 1954. The company began the activity with production of commercial transport. In 1988 SsangYong releases the all-wheel drive SUV of own development — Korando Family. from this point and till today the Korean company specializes in production of all-wheel drive cars on which sale it steadily occupies a high market share.
History
2020: Declaration of bankruptcy
December 22, 2020 Declared SsangYong bankruptcy after the company could not pay to creditors (among them — Korea Development Bank, BNP Paribas, JPMorgan Chase, Bank of America) are long.
The company submitted the lawsuit to the court of Seoul on bankruptcies for appointment of the external administrator within insolvency proceeding. Shareholders of SsangYong at a meeting approved appointment of the external administrator. After it occurs, in the company large-scale restructuring, staff reduction will begin and transactions on an asset sale are frozen.
By December 22, 2020 SsangYong remains as a part of the Indian concern Mahindra&Mahindra which management because of the difficult financial situation connected with COVID-19 coronavirus pandemic refused to SsangYong company support. In September the concern of 2020 declared determination to leave anyway the share block of SsangYong or its part.
The program of autonomous restructuring from the Ministry of Trade of South Korea (MoTIE) remains the last hope of SsangYong. It postpones court's decision and gives up to three months on negotiations with all concerned parties, including with creditors. Search of the buyer "still continues", confirms to MoTIE.
The analyst of Daiwa Chong Son Ep says that SsangYong was noncompetitive car maker even to a pandemic. According to the expert if someone purchases this company or invests in it, he will hardly get some profit on such transaction.[1]
2018-2019
In Russia the South Korean brand was provided by the Tivoli and Tivoli XLV crossovers and also dorestaylingovy Actyon. In 2018 the carmaker decided to abandon the Russian market because of low demand. According to Association of European Businesses, for 2019 implemented 21 machines that is 97% less, than in 2018.
Notes
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