Mahindra and Mahindra said it would utilize its buy-out of South Korea’s Ssangyong Motor to become a worldwide player in the SUV market.
Pawan Goenka, president automotive and farm sector Mahindra, said the buy-out would aid both firms increase their presence in the worldwide market.
He said, “We believe that Ssangyong and Mahindra make powerful companies to create a global SUV brand”.
Ssangyong, South Korea’s smallest car manufacturer, is primarily a producer of low-cost but sturdy SUVs like “Rexton,” “Kyron” and “Actyon” that have worldwide market. It also manufactures sedans.
Goenka said, “Two companies are very compatible. We have similar size and we both are very SUV-focused”.
M&M plans to retain Ssangyong’s present management after the purchase and offer “financial stability”, he added.
He elaborated, “We need to bring Ssangyong back to its glory. We believe it’s a very strong brand,” and added Mahindra would hire more staff in R&D.
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