Another brand leaves India!

Mahindra is currently on a roll in the Indian market. Its cars like the Scorpio-N and XUV700 have taken the market by storm, and things are looking up for the brand. However, it has not always been smooth sailing for Mahindra. Over the years, it has acquired various brands to only end up selling or letting go of them. One such brand had been SsangYong, a Korean car manufacturer. Mahindra owned a 75% stake in SsangYong, but it had long been trying to sell the brand. Now it seems that SsangYong has finally found a new buyer. In today’s article, let’s cover this Mahindra SsangYong leaves India.

Mahindra is working on affordable electric SUVs

Mahindra SsangYong leaves India – Who is buying it now?

SsangYong has been under court receivership since April last year. The brand had been searching for a new owner for the past three years. This move happened as Mahindra announced it will not be investing further in the Korean brand. After that, various brands had tried buying SsangYong but to no avail. Finally, it seems that a Korean chemical company, the KG group has got the approval to buy the brand. According to reports, KG group has acquired a 61% stake in SsangYong at 950 billion won. 

Partnership between Mahindra & SsangYong

Court receivership is not new for SsangYong. It was under court receivership in 2009 when Mahindra bought it for $463 million. So why did Mahindra buy such a company? It was because SsangYong specialised in higher-end utility vehicles. So technically it was the perfect match for Mahindra as the Indian carmaker wanted to strengthen its SUV game. However, things didn’t go as planned and Mahindra lost a lot of its investment in the process. After that Mahindra had no choice but to pull the plug on SsangYong. This partnership did help Mahindra in building the XUV300 and even the recently launched XUV400. Moreover, the brand’s flagship offering, the Alturas G4 comes from the house of SsangYong.

Mahindra XUV700 service cost – UNBELIEVABLE!

Way forward

Let’s talk about SsangYong’s way forward. The ownership uncertainty hasn’t affected SsangYong’s new model development. In June, SsangYong took off the wraps on a new mid-size SUV called the Torres. SsangYong has also launched EVs like e-motion and Musso ute.

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