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.
M&M is in the final stages of acquiring troubled South Korean automaker Ssangyong Motor Company.
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.
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 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.
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.
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.
M&M is working on petrol engine while Tata is set to introduce petrol option in Bolt and Zest.
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.
Mahindra & Mahindra says it has been chosen as the preferred bidder by the beleaguered South Korean auto company SsangYong Motor for acquisition.
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.
M&M's primary target is the Rs 21.7-lakh Toyota Fortuner, that has a 70-per cent market share in its category.
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.
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.
New projects will boost investment in India, says Anand Mahindra.
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Top firms will have enough firepower to go for foreign M&As, given their balance sheet growth, say bankers.
On Reva, Mahindra says electric cars are an innovation that can disrupt the automobile sector.
A record number of 85 products will be launched.
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.
The XUV300, Mahindra's second compact SUV, is so packed with segment-firsts that it is sure to send shockwaves among competitors.
Maruti is now at a market share of 50.4%, up from 47.3% last year. In China, the world's biggest market, Volkswagen is the largest, with a share of 17%. In America, the second biggest, GM is leader with 18%. One exception is South Korea, where Hyundai has a market share in excess of 60%.
Maruti Suzuki, Hyundai and M&M draw visitors with a range of concept cars.
The Sensex ended up 244 points at 28,504 on strong global cues.
Car makers are cautiously optimistic, even as two-wheeler firms are clearly upbeat.
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