- SsangYong Motor Company
-
SsangYong Motor Company 
Industry Automotive Founded 1954 Headquarters Seoul, South Korea Area served Worldwide Key people Pawan Goehka, Chairman
Lee Yoo-il, Chief Executive OfficerProducts Automobiles and Commercial vehicles Parent Mahindra & Mahindra Limited Website smotor.com SsangYong Motor Company 
Korean name Hangul 쌍용자동차 Hanja 雙龍自動車 Revised Romanization Ssangyong Jadongcha McCune–Reischauer Ssangyong Chadongch'a SsangYong Motor Company (Hangul: 쌍용자동차; Hanja: 雙龍自動車) is the fourth largest South Korean automobile manufacturer.[1] The name SsangYong means double dragons.
SsangYong was acquired by India's Mahindra & Mahindra Limited in February 2011,[2] after being named the preferred bidder in 2010 to acquire the bankruptcy-protected company.[3] Mahindra's acquisition was approved by South Korea's Free Trade Commission.[4]
Contents
History
SsangYong originally started out as two separate companies; Ha Dong-hwan Motor Workshop (established in 1954) and Dongbang Motor Co (established in 1962). In mid-1963, the two companies merged into Ha Dong-hwan Motor Co.[5]
In 1964, Hadonghwan Motor Company started building jeeps for the US Army as well as trucks and buses. Beginning in 1976, Hadonghwan produced a variety of special purpose vehicles. After changing its name to Dong-A Motor in 1977, it was taken over by Ssangyong Business Group in 1986 and changed its name to SsangYong Motor.[6] In 1987, it acquired United Kingdom-based specialty car maker Panther Westwinds.[6]
In 1991 it started a technology partnership with Daimler-Benz. The deal was for SsangYong to develop an SUV with Mercedes-Benz technology. This was supposedly to allow SsangYong to gain footholds in new markets without having to build their own infrastructure (utilizing existing Mercedes-Benz networks) while giving Mercedes a competitor in the then-booming SUV market.[7] This resulted in the SsangYong Musso, which was sold first by Mercedes-Benz and later by SsangYong.[8]
SsangYong further benefited from this alliance, long after Daimler-Benz stopped selling the Musso, producing a badge engineered version of the Mercedes-Benz MB100, the Istana and using Daimler designs in many other models, including the second-generation Korando (engine and transmission), the Rexton (transmission)[9], the Chairman H (chassis and transmission)[10] and the Kyron (transmission).[11]
In 1997 Daewoo Motors bought a controlling stake from the Ssangyong Group, only to sell it off again in 2000, because the conglomerate ran into deep financial troubles. In late 2004, the Chinese automobile manufacturer SAIC took a 51% stake of SsangYong Motor Company.
SsangYong's hybrid technology (pictured) was allegedly stolen by SAIC [citation?].
In January 2009, after recording a $75.42 million loss, the company was put into receivership. This may have been due to the global economic crisis and shrinking demand.[12] On August 14, 2009, worker strikes finished at the SsangYong factory and production commenced again after 77 days of disruption.[13] Company employees and analysts have also blamed SAIC for stealing technology related to hybrid vehicles from the company and failing to live up to its promise of continued investment.[14][15] SAIC denied allegations of technology theft by the company's employees.[16] However, SAIC was charged by the South Korean prosecutor's office for violating company regulations and the South Korean law when it ordered and carried out the transfer of Ssangyong's proprietary technology developed with South Korean government funding over to SAIC researchers.[17]
In 2010, Daewoo Motor Sales was dropped by General Motors. The long-time dealership partner then signed a deal with the SsangYong Motor Company to supply new vehicles to sell (specifically the Rodius, Chairman W and Chairman H), in return for the injection of 20 billion won ($17.6 million) into the car maker still recovering from bankruptcy. The deal is non-exclusive, meaning SsangYong will also sell vehicles through private dealers.[18]
In April 2010, the company released a statement citing interest of three to four local and foreign companies in acquiring SsangYong Motor Company, resulting in shares rising by 15%.[19] The companies were later revealed to be Mahindra & Mahindra Limited and the Ruia Group of India and SM Aluminum, Seoul Investments and Renault Samsung of South Korea.[20][21] In August 2010, Mahindra & Mahindra Limited was chosen as the preferred bidder for SsangYong.[22] The acquisition was completed in February 2011[2][23] and cost Mahindra 522.5 Billion Won.[24]
Model lineup
Name Production Notes Image SUVs Korando 2010–present 
Actyon 2006–present Replaced the old Korando 
Rexton II 2006–present Replaced the Rexton 
Kyron 2005–present 
Rexton 2001–2005 Replaced the Musso and was replaced by the Rexton II 
Musso 1993–2005 Replaced by the Rexton 
Korando 1983–2006 Replaced by the Actyon, revived in late 2010 
Family 1988–1995 Based on the Isuzu Trooper 
Pickup trucks Actyon Sports 2006–present Replaced the Musso Sports 
Musso Sports 2002–2005 Replaced by the Actyon Sports 
Vans Rodius/Stavic 2004–present 
Istana 1995–2003 Licensed copy of the Mercedes-Benz MB100 
Luxury cars Chairman W 2008–present Sold alongside the Chairman H 
Chairman H 1997–present Based on the Mercedes-Benz W124 
SsangYong Kallista 1992 Rebadged Panther Kallista 
Trucks and Buses SY Truck Based on Mercedes-Benz trucks 
Transtar Based on Mercedes-Benz buses 
See also
- List of Korean car makers
- Economy of South Korea
References
- ^ "Ssangyong Motors". Smotor.com. http://www.smotor.com/en?act=FNEWSVIEW&bizCateID=7&bizSeq=460. Retrieved 2011-02-25.
- ^ a b Nandini Sen Gupta, TNN, Feb 16, 2011, 12.56am IST (2011-02-16). "M&M seals $470m Ssangyong deal - The Times of India". Timesofindia.indiatimes.com. http://timesofindia.indiatimes.com/business/india-business/MM-seals-470m-Ssangyong-deal/articleshow/7505113.cms. Retrieved 2011-02-25.
- ^ Seo, Sookyung (2010-10-13). "Mahindra May Complete Acquiring Ssangyong Controlling Stake in Early 2011". Bloomberg.com. http://www.bloomberg.com/news/2010-10-13/mahindra-may-complete-acquiring-ssangyong-controlling-stake-in-early-2011.html. Retrieved 2011-02-25.
- ^ "South Korea’s watchdog nods Mahindra buy of Ssangyong". Livemint.com. 2010-10-29. http://www.livemint.com/2010/10/29110151/South-Korea8217s-watchdog-n.html?h=A4. Retrieved 2011-02-25.
- ^ [1][dead link]
- ^ a b [2][dead link]
- ^ "Musso-Mercedes match was a rocky road - www.drive.com.au". Drive.com.au. 2000-05-18. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=8548&vf=1. Retrieved 2009-09-19.
- ^ David Morley (2000-05-18). "Musso-Mercedes match was a rocky road". Fairfax Media. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=8548&vf=1. Retrieved 2011-03-21.
- ^ Jonathan Hawley (2004-07-04). "Old-fashioned values". Fairfax Media. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=8117&vf=1. Retrieved 2011-03-21.
- ^ Bruce Newton (2005-05-10). "SsangYong Chairman CM600S". Fairfax Media. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=9590&vf=1. Retrieved 2011-03-21.
- ^ Bruce Newton (2006-05-31). "SsangYong Kyron". Fairfax Media. http://www.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=12193&vf=1. Retrieved 2011-03-21.
- ^ 2:49 p.m. Feb. 24, 2011 (2009-01-09). "Article from". MarketWatch. http://www.marketwatch.com/news/story/story.aspx?guid={33388F5B-4074-44B7-ADF7-A2E81E3DD291}&siteid=rss. Retrieved 2011-02-25.
- ^ "INSIDE JoongAng Daily". Joongangdaily.joins.com. 2009-08-14. http://joongangdaily.joins.com/article/view.asp?aid=2908767. Retrieved 2009-09-27.
- ^ "S.Korea Co Ssangyong Motor Awaits Key Ruling On Turnaround Plan". TradingMarkets.com. http://www.tradingmarkets.com/.site/news/Stock%20News/2730674/. Retrieved 2011-02-25.
- ^ Sebastian Blanco (2009-10-12). "REPORT: SAIC stole hybrid technology, says Ssangyong". Autoblog Green. http://green.autoblog.com/2009/11/12/report-saic-stole-hybrid-technology-says-ssangyong/. Retrieved 2011-03-21.
- ^ "'먹튀 논란' 상하이車 반박 "쌍용車 주장 근거없어" - 아시아경제". Asiae.co.kr. http://www.asiae.co.kr/news/view.htm?idxno=2009011607170963927&nvr=y. Retrieved 2011-02-25.
- ^ "쌍용차 기술, 中상하이차로 유출 : : 뉴스 : 동아닷컴". News.donga.com. 2009-11-12. http://news.donga.com/3/all/20091112/24056537/1. Retrieved 2011-02-25.
- ^ "INSIDE JoongAng Daily". Joongangdaily.joins.com. 2010-03-24. http://joongangdaily.joins.com/article/view.asp?aid=2918262. Retrieved 2011-02-25.
- ^ Saefong, Myra P. (2010-04-08). "Asia Follows Wall Street Lower". The Wall Street Journal. http://online.wsj.com/article/SB10001424052702303720604575170692597890662.html?mod=WSJ_latestheadlines.
- ^ "End of speculation: Mahindra enters the fray for ailing Ssangyong Motor | Indian Cars & Motorcycles Blog". Indiancarsbikes.in. 2010-05-17. http://www.indiancarsbikes.in/auto-news/mahindra-buy-korean-ssangyong-motor-company-11167/. Retrieved 2011-02-25.
- ^ "Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor". Iii.co.uk. http://www.iii.co.uk/news/?type=afxnews&articleid=7916589&action=article. Retrieved 2011-02-25.
- ^ "Mahindra chosen preferred bidder for Ssangyong Motors". Sify.com. 2010-08-12. http://sify.com/finance/mahindra-chosen-preferred-bidder-for-ssangyong-motors-news-default-kimq4caaahf.html. Retrieved 2011-02-25.
- ^ "UPDATE: Mahindra Aims To Complete Ssangyong Acquisition In Four Months". The Wall Street Journal. 2010-08-25. http://online.wsj.com/article/BT-CO-20100825-709193.html.
- ^ "Mahindra reportedly inks deal to buy Ssangyong for $463M". Autoblog. 23 November 2010. http://www.autoblog.com/2010/11/23/mahindra-reportedly-inks-deal-to-buy-ssangyong-for-463m/. Retrieved 23 November 2010.
External links
Companies Notable non-Indian Companies Institutions/College Notable People SsangYong Motor Company Current: Historic: Commercial: Istana • SY Truck • TranstarConcept Vehicles: Amao • C200 • C.E.O • CCR-1 • Chairman Limousine • Crossut • CRS • Entertain • Hemos • Istana Camera Van • KEV2 • Korando Camping Car • Korando FRP Hardtop • La-Okean • Rodius Limo • Solo 3 • Solo Le Mans • SUT 1 • SV-R • W-Coupe • WZ • XCT • XMTChairman H Chairman W Compact SUV Korando Korando Actyon Mid-size SUV Family Kyron Full-size SUV Musso Rexton Rexton II Pickup Truck Musso Sports Actyon Sports MPV Istana Rodius/Stavic Roadster Kallista Daewoo Motor Sales KAMA Members SAIC Group Divisions and subsidiaries CurrentMG Motor • Nanjing Automobile (Group) Corporation • SAIC Motor Manufacturing Co., Ltd. • Shanghai Automotive Group Finance Co., Ltd. • Shanghai Diesel Engine Co., Ltd. • Shanghai-Huizhong Automotive Manufacturing • Shanghai-New Holland Agricultural Machinery • Shanghai-Pengpu Machinery • Shanghai-Sun-win Bus Corporation • Shanghai-Xingfu MotorcycleFormerSsangYong Motor CompanyJoint ventures and shareholdings GM Korea (6%) • Naveco (50%) • SAIC-GM-Wuling Automobile (50.1%) • SAIC-IVECO Hongyan Commercial Vehicle Co., Ltd. • Shanghai General Motors (51%) • Shanghai Volkswagen Automotive (50%)Marques CurrentFormerSsangYongFacilities and products Longbridge plant • Vehicles (MG vehicles)
Automotive industry in South Korea Vehicle manufacturers CurrentCT&T United · Daewoo Bus · GM Korea · Hyundai Kia Automotive Group (Hyundai Motor Company · Kia Motors) · Proto Motors · Renault Samsung Motors · SsangYong Motor Company · Tata DaewooDefunctAsia MotorsComponents suppliers Freenex · Geunyoung Industry · Hankook Tire · Hyundai Enercell · Hyundai Hysco · Hyundai Mobis · Jeong-A · KCC · Koreatomy · Kumho Tires · Kyeyang Electric · Nexen Tire · SL Corporation · Sungwoo · YeongkwangServices companies Other Categories:- Motor vehicle manufacturers of South Korea
- Shanghai Automotive Industry Corporation
- Mahindra Group
- South Korean brands
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