Mahindra & Mahindra (M&M) on Monday said its loss-making South Korean arm SsangYong Motor Company (SYMC) has filed for bankruptcy. The SYMC has filed an application for commencement of rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea, M&M said in a regulatory filing. The troubled automaker has also applied for an autonomous restructuring support (ARS) programme which is a court designed process, it added.
Stylish SUV Tivoli is all set to take on competition from Hyundai Creta and Renault Duster.
Mahindra & Mahindra, India's largest utility vehicle maker, is planning to foray into the premium car segment by bringing out a product from the Ssangyong stable.
Sales have started picking up and the company has cut down losses. It's now looking to expand in other markets.
M&M will close down GenZe, an e-scooter business in California, because it is unlikely it would stand on its own feet, and is ahead of its time.
Mahindra, which emerged as the preferred bidder for SsangYong in August 2010, will now hold a 70 per cent stake in SMC, for which it has shelled out $463 million (about Rs 2,105 crore).
M&M is in the final stages of acquiring troubled South Korean automaker Ssangyong Motor Company.
The money will be used to develop products jointly.
Ssanyong has invested 700 billion won since its M&A (with Mahindra) and would put one trillion won ($920 million) in next three years.
Mahindra & Mahindra on Wednesday said it will look at sharing vehicle platforms with that of South Korean company SsangYong Motor, the acquisition of which it expects to complete by December.
Auto major Mahindra & Mahindra on Monday said it has entered into an agreement to acquire a majority stake in beleaguered South Korean vehicle maker SsangYong Motor Company. In a filing to the Bombay Stock Exchange, Mahindra & Mahindra said that it has "signed a memorandum of understanding with SsangYong Motor to acquire a majority stake in the South Korean SUV maker."
The new model RX6 will be an addition to the existing model range of Rexton which has received a very good response in India.
Mahindra & Mahindra said it will acquire 70 per cent stake in the ailing South Korean auto maker SsangYong Motor for $463 million (about Rs 2,105 crore), in order to become a global utility vehicle major. The companies have signed a definitive agreement to this effect and the acquisition process is expected to complete by March 2011, Mahindra & Mahindra (M&M) said in a statement.
Utility vehicles maker, Mahindra and Mahindra (M&M), is considering reinstating the entire staff laid off by South Korean sports utility vehicle (SUV) manufacturer Ssangyong Motor Co in the next two to three years, according to M&M president (automotive and farm equipment sectors) Pawan Goenka.
Tyre maker Dunlop's owner Pawan Kumar Ruia has submitted a bid to acquire South Korea's bankrupt SsangYong Motor, while Mahindra & Mahindra is also understood to have made a similar move.
When it comes to price versus the features, Mahindra's beast is a clear winner.
Mahindra & Mahindra says it has been chosen as the preferred bidder by the beleaguered South Korean auto company SsangYong Motor for acquisition.
M&M, which owns a 75 per cent stake in SYMC, rescued the sport-utility vehicle (SUV) maker from near-insolvency in 2010 but has struggled to revive its fortunes.
US auto major Ford Motor Co on Friday said it and India's Mahindra & Mahindra have decided to scrap their previously announced automotive joint venture and it will continue its independent operations in India as it is. The two companies determined that they will not complete a previously announced automotive joint venture between their respective companies. The decision follows the passing of the December 31, 2020 'longstop' or expiration date of a definitive agreement the organisations entered into in October 2019, Ford Motor Company said in a statement.
Tivoli has turned out to be the best-selling vehicle from SsangYong in its 62-year history, Ajay Modi reports from New Delhi.
Pawan Goenka, tells Shally Seth Mohile the Alturas, by far the most-expensive model wearing an Indian badge.
The auto major is eyeing 20 per cent of the compact SUV market with the petrol and diesel variants of the XUV300, reports Shally Seth Mohile.
Mumbai-based utility vehicle and tractor maker Mahindra & Mahindra is interested in buying stakes in beleaguered South Korean sports utility vehicle manufacturer SsangYong Motor Company.
M&M's primary target is the Rs 21.7-lakh Toyota Fortuner, that has a 70-per cent market share in its category.
Homegrown auto major Mahindra & Mahindra today said creditors and shareholders of SsangYong Motor Co (SMC) have given a final approval to a rehabilitation plan, thus paving way for its $ 463 million acquisition of 70 per cent stake in the ailing South Korean firm.
A group spokesperson declined to comment on the size of the forthcoming deal. The market capitalisation of the company is $400 million (Rs 1,840 crore).
The XUV100 will be launched in trendy colours like yellow and orange
The first launch from its Korean arm is produced at the Chakan plant with some localisation, the company said.
With its Storm Edge design language, the new Santa Fe replaces the older model and competes with the likes of the Toyota Fortuner, Ford Endeavour, Ssangyong Rexton and Chevrolet Captiva.
Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency.
Mahindra is desperate for a best-seller in the compact SUV space, on which it missed the bus
M&M is working on petrol engine while Tata is set to introduce petrol option in Bolt and Zest.
Auto Expo 2012 is the venue for the launch of seven all-new automotive brands in India.
There is the range of new launches during this year's festive season.
In less than two weeks, the 11th Auto Expo will start in New Delhi.
India's largest utility vehicle maker is also planning to take it own products to the Korean market next year, said Pawan Goenka, M&M president, automotive and farm equipment sector.
How the XUV300's suspension, plastics and interiors hold out in Indian conditions after a couple of years will be the litmus test for its success in the long term, but for now, this SUV delivers, says Pavan Lall.
This year has been a year of some great car launches. From hatchbacks to Sports Utility Vehicles (SUVs), every segment has seen the entry of a new model.
New projects will boost investment in India, says Anand Mahindra.
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