Cars Motoring news
Korean 4x4 manufacturer SsangYong could become Indian-owned followed by news that Mahindra has been named as the preferred bidder for the bankrupt company, according to a statement to the Korea Exchange.
And this means its new Korando C compact SUV could still make it to South Africa, hopefully by the end of the year. Mahindra sells the Scorpio, Bolero, Xylo and Thar 4x4 models in South Africa, while SsangYong sells the Rexton, Actyon, Actyon Sports,and Kyron 4x4s, as well as the Stavic people mover.
In the statement, Mahindra said its preferred bidder status will require it to enter into a memorandum of understanding with SsangYong, followed by a detailed due diligence process.
It said SsangYong would remain as an independent entity with Korean management and that "strong complementarities" between the SsangYong and Mahindra products would provide an opportunity to create distinct positioning for both brands.
"The wide sales and distribution networks and complementary product lines will provide access to many overseas markets for both companies," said Mahindra.
