India's Mahindra has finally found a buyer for its struggling South Korean unit SsangYong.
SsangYong on Monday named the buyer as a consortium led by fellow Korean automaker Edison Motors. The consortium has agreed to pay 305 billion won for Ssangyong, whose majority shareholder is India's Mahindra with a 75% stake.
Edison Motors was only established in 2015. The company builds electric buses and is developing electric commercial trucks, and if all goes to plan will start selling electric crossovers and SUVs under the SsangYong brand.for an electric crossover dubbed the J100, together with the design for a Jeep Wrangler-esque SUV dubbed the X200. The company also said it planned to launch an electric version of its existing Korando crossover.
Mahindra purchased SsangYong in 2011 but struggled to turn it into a viable business. Mahindra eventually held back on further investment in SsangYong as it looked to preserve cash in view of its own declining sales, including canceling a planned $406 million investment back in 2019. After canceling that investment, Mahindra started its search for a buyer.and was ordered by a bankruptcy court in 2020 to restructure.
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