SsangYong Motor Company
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Native name
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쌍용자동차 주식회사 |
|---|---|
| Public | |
| Traded as | KRX: |
| Industry | Automotive |
| Founded | 4 March 1954 |
| Headquarters | Seoul, South Korea |
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Area served
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Worldwide (except North America) |
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Key people
|
Lee Yoo-il, CEO |
| Products | Automobiles and commercial vehicles |
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Production output
|
 119,142 (2012) |
| Revenue |
 ₩2.874 trillion (2012) |
|
₩-98.12 billion (2012) |
|
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₩-105.93 billion (2012) |
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| Total assets |
₩1.85 trillion (2012) |
| Total equity |
₩800.66 billion (2012) |
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Number of employees
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4,365 (2012) |
| Parent | Mahindra & Mahindra Limited (70%) |
| Website | smotor.com |
| SsangYong Motor | |
| Hangul | 쌍용자동차 주식회사 |
|---|---|
| Hanja | 雙龍自動車 株式會社 |
| Revised Romanization | Ssangyong Jadongcha Jusikhoesa |
| McCune–Reischauer | Ssangyong Chadongch'a Chusikhoesa |
SsangYong Motor Company(Korean: 쌍용자동차, IPA: [s͈aŋjoŋ dʑadoŋtɕʰa]) (meaning Double Dragons Motor Vehicles) is the fourth largest South Korea-based automobile manufacturer. It is a subsidiary of Indian multinational Mahindra & Mahindra Limited.
A 70% share of SsangYong was acquired by Mahindra & Mahindra Limited in February 2011, after being named the preferred bidder in 2010 to acquire the bankruptcy-protected company. Mahindra's acquisition was approved by South Korea's Free Trade Commission.
SsangYong originally started out as two separate companies; Ha Dong-hwan Motor Workshop (established in 1954) and Dongbang Motor Co (established in 1962). In mid-1963, the two companies merged into Ha Dong-hwan Motor Co.
In 1964, Hadonghwan Motor Company started building jeeps for the US Army as well as trucks and buses. Beginning in 1976, Hadonghwan produced a variety of special purpose vehicles. After changing its name to Dong-A Motor in 1977, it was taken over by SsangYong Business Group in 1986 and changed its name to SsangYong Motor. In 1987, it acquired United Kingdom-based specialty car maker Panther Westwinds.
In 1991, SsangYong started a technology partnership with Daimler-Benz. The deal was for SsangYong to develop an SUV with Mercedes-Benz technology. This was supposedly to allow SsangYong to gain footholds in new markets without having to build their own infrastructure (utilizing existing Mercedes-Benz networks) while giving Mercedes a competitor in the then-booming SUV market. This resulted in the Musso, which was sold first by Mercedes-Benz and later by SsangYong.
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