Mahindra Ssangyong Plan on New Vehicles for the Growing Markets

Monday 13 September 2010, 00:00 AM by Payal Pathak

Mahindra and Mahindra recently acquired the South Korean auto maker Ssangyong which is a leading SUV manufacturer in South Korea. According to Mahindra Chief, Pawan Goenka, the company intends to develop new cars with its new partner. “The two companies will work together and share technology”, he said. “The Indian company will help Ssangyong “develop new product and modernize their line ups.”

“Some people have doubts about Mahindra’s ability to revive Ssangyong after SAIC, which is a bigger company than Mahindra, failed to do so,” Ahn Soo Woong, a Seoul-based analyst at LIG Investment & Securities Co., said last week. “So far, Mahindra has shown strong commitment to the deal.”

Goenka also stated that both companies will make strong and powerful combination to create global SUV brand. He also stated that both companies will benefit from their combined scale. Mahindra has plans to invest about $2 billion over the next three years for product development and plant expansion, as well as acquiring a controlling stake in Ssangyong.

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