SsangYong Motor, the troubled South Korean SUV maker, explained a deal for its acquisition experienced fallen by means of soon after the possible consumer, electrical bus maker Edison Motors, had failed to shell out the equilibrium of 274.3 billion won ($224 million), in accordance to news sources.
The two providers signed an settlement in January in which a consortium led by Edison would get a controlling stake in SsangYong, which is the vast majority owned by the Indian conglomerate Mahindra & Mahindra.
Nevertheless, Edison did not satisfy a March 25 payment deadline, and the deal was canceled, Ssangyong claimed, according to Indian and South Korean information resources. SsangYong officers reported they would request a new purchaser.
Edison experienced compensated about 10 % of the invest in selling price at signing.
SsangYong, which sells the Rexton, Korando and Tivoli SUVs in Europe, has been beneath court receivership given that April 2021 following Mahindra & Mahindra unsuccessful to secure a buyer. The Indian organization obtained a 75 p.c curiosity in Ssangyong in 2010.
SsangYong’s international product sales final calendar year fell to 84,496, down about 21 % from a 12 months earlier, the automaker stated. European sales ended up 11,130, a 15 percent increase from 2020, in accordance to data from JATO Dynamics.
