News Mahindra To Sell SsangYong To Edison Motors: Report

Mahindra To Sell SsangYong To Edison Motors: Report

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Mahindra To Promote SsangYong To Edison Motors: Report

Based on a report in Nikkei, Edison can be paying near Rs. 1754 crore (170 million Euros) to Mahindra for the Ssangyong model.

Mahindra To Sell SsangYong To Edison Motors: Report

Again in April 2021, we instructed you about Mahindra’s intentions to support SsangYong’s EV business by supplying expertise to SsangYong as per the Korean model’s requirement. Now, Mahindra has been growing electrical SUVs and powertrain constructed on the brand new MESMA 350 platform, which will certainly come in useful for SsangYong to increase its EV portfolio. Now we all know that Mahindra purchased over SsangYong in 2010, when it was close to chapter.

However sadly, it wasn’t able to turn the fortunes around of the Korean company and in reality was not capable of finding a purchaser both, however now there are rumours doing the rounds that EV start-up, Edison Motors, is exhibiting curiosity in South Korea’s 4th largest automotive producer. Based on a report in Nikkei, Edison can be paying near ₹ 1754 crore (170 million Euros) to Mahindra for the SsangYong model. The settlement is predicted to be finalised by the top of November this 12 months. We have now approached Mahindra for an announcement however our e-mail stays unanswered. 

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Ssangyong lately put out sketches of the X200 idea 

The Indian auto big has a 74.65 per cent stake within the Korean automobile firm however has been trying to divest its stake within the agency since final 12 months. For 2020, SsangYong’s working loss stood at 449 billion Received which is equal to $401.76 million. In 2019, the working lack of the corporate was 282 billion Received. The corporate’s income too fell 19 per cent to a few trillion Received in 2020. The corporate can be below extreme debt as its automobiles gross sales for 2020 fell 20 per cent, from a 12 months earlier to 107,416 items.

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