Forumsee logo
Forumsee » Cars » Brands and models » Read message
RSS: Subscribe to RSS

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

More Asian Cars | German Car Forum - www.germancarforum.com
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.

 


Read responses in germancarforum.com

Tags


Last videos:

Long Beach Gran Prix - 3 Part Vlog Series
Long Beach Gran Prix - 3 Part Vlog Series
Steering Joint upgrade
Steering Joint upgrade
Whores Round Here vs THE WORLD
Whores Round Here vs THE WORLD
Repainting Brake Calipers
Repainting Brake Calipers
What if u could turn 14 RPM
What if u could turn 14 RPM
CR-Z on YouTube
CR-Z on YouTube
Test Driving C3 Corvettes
Test Driving C3 Corvettes
Detroit Auto Show Preview
Detroit Auto Show Preview
Cars · 
Mobility · 
Hardware · 
Motorbikes · 
Travel · 
Boating · 
Aviation · 
production-frontend
About Forumsee · Contact · Privacy policy · Request content removal
We use cookies for navigation analysis and personalized advertisement. By using our site, you agree to our use of cookies.
Accept  ·  Learn more