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Cash (and Time) Runs Out for Korea's Ssangyong

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Cash (and Time) Runs Out for Korea's Ssangyong

By Andy Bannister

12.23.2008

In another sign that some of the weaker players in the global auto industry could soon be knocked out, one of South Korea’s smaller manufacturers, Ssangyong Motor Company, has reportedly told its 8,000 workers it cannot pay their December wages.

Although largely unknown in North America, Ssangyong widely exports a limited range of mainly 4X4 vehicles to markets around the world including Europe and Australia.

The company is 51% owned by China’s SAIC (Shanghai Automotive Industry Corporation), which has threatened to withdraw its involvement as early as next month unless a restructuring plan is agreed by unions.

Ssangyong has already slimmed down its dealer network in Korea and temporarily suspended production of all models on 17 December. This year it has seen total sales slide by nearly a third.

 
Date: Jun 3, 2015   


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