SsangYong Logo – SsangYong Motor Company is an automobile manufacturer in South Korea. The company was founded in 1954 by absorbing the company Hadongwahn Motor. It was the largest producer of vehicles in the country.
In 1970, the company specialized in the manufacture of trucks, fire trucks and other vehicles for specific purposes. At the beginning of the 80s the company, named Dong A Motor acquires Keowha, specializing in the manufacture of luxury utility, which also had the license for Jeep off-road vehicles. In 1986 the automaker definitely changed its name to SsangYong Motor and specialized in the manufacture of utility vehicles and SUV.
In 1992 signed a contract for technical collaboration with Mercedes Benz for the development of gasoline engines. In 1993 signed an agreement on capital investment and other technical collaboration with Mercedes Benz for diesel engine development, so Mercedes Benz acquired 5% stake in Ssangyong Motor Company, which still share. Their engines are still manufactured under license from the prestigious German. Currently ranked first in sales of ATVs in Korea.
In 1998 Daewoo absorbed Ssangyong Group, and is characterized by innovative models, attractive design and competitive prices. In 2000 Daewoo group is separated. In late 2004 the Chinese group Shanghai Automotive Industry Corporation (SAIC) bought a 51% stake of SsangYong, was later accused by SsangYong employees to copy their technology and bring to the Korean company into bankruptcy.
In late 2009, the Seoul District Court approved the restructuring plan for Ssangyong Motor Company, which will give the automaker the ability to stabilize operations and reorganize its debt. The move comes eleven months after SsangYong request judicial protection. With the approval of the Court and government support, SsangYong will carry out its plans to improve its financial structure, hoping to complete the process before the end of 2010. Following this plan, SsangYong Motor Company expects to enter into short-term benefits.
With these good prospects SsangYong falls squarely on their new product development plan for five years. During this period SsangYong Motor Company will launch a new vehicle per year, which will require five new models. While there will continue to develop models from the SUV segment, they will go in line with market trends which demand compact cars and green cars. Following the approval of the restructuring plan supported by the Government and approved by the court of Seoul SsangYong shares have soared.