Chery wants to enter the US car market by buying SsangYong

Chery wants to enter the US car market by buying SsangYong

September 18, 2020 0 By autotimesnews

The American company HAAH Automotive plans to acquire the Korean brand by the end of the year.

HAAH Automotive in the US intends to acquire the deplorable Korean brand SsangYong. According to insider information, the firm intends to close the deal by the end of the year after the audit is completed.

Note that the Korean brand Ssangyong Motor, which has been owned by the Indian concern Mahindra & Mahindra since 2011, has been increasing its losses since the end of 2016. To date, the amount of losses reaches approximately $ 500 million.

In early 2020, the board of directors of Mahindra & Mahindra rejected the anti-crisis plan for a large-scale brand restructuring and began looking for an investor.

We also clarify that the largest shareholder of HAAH Automotive is the Chinese concern Chery Automobile, thus. the main stakeholder in buying SsangYong is the automaker.

This deal has value not only in terms of SsangYong’s assets in the form of production sites, but also due to the duty-free trade agreement between South Korea and the United States.