Ssangyong Agrees To Purpose In Conclusion Lifeline To Help Remain Alive

Korean SUV specialist SsangYong volition hold upward bring upward fellowship Mahindra’s erstwhile cash infusion to assistance repose its liquidity concerns due to softening global withdraw brought nearly past times the COVID-19 pandemic.

The SsangYong board says it has agreed to hold upward the erstwhile cash infusion of xl billion won (USD 32.86 million) offered past times India’s Mahindra & Mahindra end week. However, later this SsangYong volition bring to try funding elsewhere.

Last week, Mahindra, which owns 74.65 per centum of SsangYong pulled the plug on a USD 423 meg investment conception on the struggling Korean automaker.

In February, SsangYong’s global sales barbarous 27.4 per centum year-on-year.

Last year, they posted an operating loss of 281.9 billion won (USD 231 million) as well as a 5.6 per centum drib inwards sales.