SsangYong Motor, the troubled South Korean SUV maker, said a offer for its acquisition experienced fallen as a result of soon after the opportunity customer, electrical bus maker Edison Motors, had failed to pay out the balance of 274.3 billion won ($224 million), according to information sources.
The two businesses signed an arrangement in January in which a consortium led by Edison would acquire a managing stake in SsangYong, which is vast majority owned by the Indian conglomerate Mahindra & Mahindra.
Nevertheless, Edison did not fulfill a March 25 payment deadline, and the deal was canceled, Ssangyong said, in accordance to Indian and South Korean information resources. SsangYong officers said they would look for a new consumer.
Edison had paid out about 10 p.c of the invest in price tag at signing.
SsangYong, which sells the Rexton, Korando and Tivoli SUVs in Europe, has been underneath courtroom receivership because April 2021 following Mahindra & Mahindra failed to secure a purchaser. The Indian enterprise acquired a 75 percent curiosity in Ssangyong in 2010.
SsangYong’s international product sales last calendar year fell to 84,496, down about 21 % from a year previously, the automaker stated. European product sales were being 11,130, a 15 p.c maximize from 2020, according to facts from JATO Dynamics.