Renault-Nissan alliance dropped out of bidding for Ssangyong Motor
By Andrew C., 30 Aug, 2010. 0 Comments
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Renault-Nissan alliance announced that it has dropped out of bidding for Ssangyong Motor, following the announcement of a court official who said that the preferred buyer will be named tomorrow. Following a review of the Ssangyong business opportunity, Renault Samsung and Nissan have decided to pursue other options for their business expansion in Korea, said Renault spokesman Caroline De Gezelle.
This means that in the race for buying SsangYong remained only 3 buyers: South Korea-based YoungAhn Hat Co. and two Indian companies, Mahindra & Mahindra Ltd. and Ruia Group. Buying Ssangyong would offer access to Asian and Russian markets, which means it is a very important bid for Mahindra & Mahindra. Ssangyong Motor Co., the South Korean carmaker in bankruptcy protection, sold only 43,881 vehicles, including 26,190 that it exported in the first half of the year, but things are still looking good if we compare with the 13,091 deliveries a year earlier.
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