Ssangyong Motor Company, a independently working entity of Indian auto giant Mahindra & Mahindra, said on Wednesday that it plans to launch four new models by 2016, to expand its portfolio and boost sales. In a bid to be ready with an adequate capacity for these upcoming models, the company will be setting-up five manufacturing facilities over the period of next two years. With this, the firm has also increased its sales projections to 1.6 lakh units by year 2013 and up to 3 lakh units by year 2016.
In a statement issued on Tuesday, the firm said, "Ssangyong will launch five facelift models by 2013 and four completely new models by 2016. Furthermore, the auto-maker will develop and launch electric vehicles." It added that with these and other brand marketing initiatives, the company is targeting a 20 per cent market share in participating segments in Korea.
Moreover, in a bid to provide a single window solution to the customers, the firm plans to set-up a finance company in the domestic market, which will further help the firm in expanding its sales infrastructure in the Korean market.
The plans for next two and five years have been promisingly named as ‘Promise 2013’ and ‘Aspiration 2016’, under which it aims to sell 1.6 lakh and 3 lakh vehicles, respectively.
