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SUV manufacturer from South Korea faces bankruptcy

The corona crisis has brought another company in the auto industry to its knees: the SUV manufacturer Ssangyong from South Korea. The company has money problems.

The Automaker Ssangyong from South Korea has applied for a rehabilitation process. The company, which mainly produces SUVs, is facing financial problems. Reason are the effects of Corona pandemic.

Most recently, the automaker was unable to service a loan of 60 billion South Korean won (around 45 million euros). The group now has three months to restructure itself or to find an investor. During this time, production and sales continue – the process has so far had no effect on the German market, several media cited a spokeswoman for the importer.

However, if Ssangyong does not manage to reposition itself, the company threatens insolvency. The car manufacturer had to apply for bankruptcy protection as early as 2009. Subsequently, the majority of the group was taken over by the Indian Mahindra group.

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