SsangYong Motor, the troubled South Korean SUV maker, stated a deal for its acquisition had fallen by means of after the potential purchaser, electrical bus maker Edison Motors, had did not pay the stability of 274.3 billion gained ($224 million), in line with information sources.
The 2 corporations signed an settlement in January wherein a consortium led by Edison would purchase a controlling stake in SsangYong, which is majority owned by the Indian conglomerate Mahindra & Mahindra.
Nonetheless, Edison didn’t meet a March 25 fee deadline, and the contract was canceled, Ssangyong stated, in line with Indian and South Korean information sources. SsangYong officers stated they’d search a brand new purchaser.
Edison had paid about 10 % of the acquisition value at signing.
SsangYong, which sells the Rexton, Korando and Tivoli SUVs in Europe, has been below courtroom receivership since April 2021 after Mahindra & Mahindra did not safe a purchaser. The Indian firm acquired a 75 % curiosity in Ssangyong in 2010.
SsangYong’s world gross sales final 12 months fell to 84,496, down about 21 % from a 12 months earlier, the automaker stated. European gross sales have been 11,130, a 15 % improve from 2020, in line with knowledge from JATO Dynamics.