SsangYong Motor to foray into US market in 2019
Choi Johng-sik, the CEO of SsangYong Motor has said that the company is getting ready to enter the US market in late 2019. The South Korea based automobile manufacturer is also planning to change its name and invest around 100 million dollars for the same.
"It is true that there are many concerns about the U.S. entry. We think the U.S. project will make or break our company. So we'll have full discussions with Mahindra," said Choi. Mahindra themselves burned their hands the first time around in 2010 while entering the US market. They now sell tractors in North America. Choi also said that the company hasn't finalised a date yet for entering the US market.
The company intends to manufacture cars even in China and Russia since both nations have levied high tarrifs on imported vehicles. He also said that SsangYong Motors is currently in talks with different China based firms including Geely Automobile Holdings Ltd and Cherry Automobile Co Ltd to manufacture its cars in the country.
He also expects the company to finally register profit this year which would be its first since 2007. Mahindra and Mahindra own a 70 per cent stake in SsangYong Motor which they acquired in 2011.
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