√SsangYong future in doubt as buyout plans collapse

The Korean car maker could be forced into liquidation if its fortunes don’t turn soon.

The future of Korean car maker SsangYong is up in the air, with the marque reportedly confirming a buyout agreement has collapsed.

Earlier this week Drive reported an investment consortium lead by electric bus and truck firm Edison Motors was struggling to source the funds required to complete its planned acquisition.

According to outlets including Automotive News Europe, it failed to meet a payment deadline earlier this week and has now officially withdrawn its purchase offer of 304.8 billion South Korean won ($AU355 million).

The well-sourced outlet reports SsangYong is now looking for a new buyer, however did not reveal if it has yet received interest from other parties.

It’s unclear if the marque – which is currently part-owned by Indian conglomerate Mahindra & Mahindra – will be forced into liquidation if a new source of revenue is not found soon.

Drive has contacted SsangYong and Edison Motors for comment, and this story will be updated if more information becomes available. Stay tuned to Drive for all the latest.

The post SsangYong future in doubt as buyout plans collapse appeared first on Drive.