Mahindra bets on SsangYong takeover to become known on the SUV market

Article by Christian A., on July 30, 2011

Anand Mahindra, the owner of Mahindra & Mahindra Ltd. that had purchased 70% of Ssangyong Motor Co. for $378 million, said that he is confident that his company will be able to turn Ssangyong’s fortunes around.

Ssangyong is the third-largest maker of sport utility vehicles in South Korea. In the last 20 years, Ssangyong has been very unlucky.

It was sold off four times by different owners, it became bankrupt, and in 2009, its workers took over a plant for nearly 3 months and became involved in one of the most violent strikes in modern Korean history.

The workers used iron pipes and Molotov cocktails to fight air and land police commandos who were armed with tear gas and water cannons.

It was in November 2010 that Anand Mahindra got involved. M&M is part of the Mahindra Group, a conglomerate with 110 subsidiaries in banking, finance, information technology, real estate and resorts.

Mahindra, who serves as the company's vice chairman and managing director, said that he will invest in Ssangyong Motor's people and products.

Mahindra took over Ssangyong as part of plans to make M&M recognized around the world. Mahindra & Mahindra had acquired stakes in three tractor makers in the past six years, allowing it to surpass Deere & Co. as the largest tractor maker in the world according to sales volume in the year ended on March 31, 2010.

Topics: mahindra, ssangyong, suv

If you liked the article, share on:

Comments

Recommended

Audi’s intention to bring out the Renn Sport Racing version of the Q5 was made clear when it unveiled the Audi SQ5 at the 2017 Detroit Motor Show early this...
by - July 22, 2017
Kia’s Sorento midsize sports utility vehicle is reaching its mid-cycle for the 2018 model year. Thus, its fans, enthusiasts and satisfied customers are expecting the Sorento to receive an update...
by - July 22, 2017
The Lotus Evora Sport 410 astonished the world after arriving as the more powerful and lighter edition of the already impressive Evora 400. Now, Lotus Cars is throwing in another...
by - July 22, 2017
The Europe-bound WRC hatch developed by Toyota and Gazoo Racing team will be limited to just 400 examples as reported by AutoCar this week. Otherwise known as Gazoo Racing Masters...
by - July 21, 2017
Even cops get excited when they’re assigned to drive the best cars in the market. In Austria, police officers drive around in a Porsche 911 Carrera while in Milan, authorities...
by - July 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries