Mahindra & Mahindra (M&M) on Monday said its loss-making South Korean arm SsangYong Motor Company (SYMC) has filed for bankruptcy. The SYMC has filed an application for commencement of rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea, M&M said in a regulatory filing. The troubled automaker has also applied for an autonomous restructuring support (ARS) programme which is a court designed process, it added.
M&M, which owns a 75 per cent stake in SYMC, rescued the sport-utility vehicle (SUV) maker from near-insolvency in 2010 but has struggled to revive its fortunes.
M&M will close down GenZe, an e-scooter business in California, because it is unlikely it would stand on its own feet, and is ahead of its time.
Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency.
US auto major Ford Motor Co on Friday said it and India's Mahindra & Mahindra have decided to scrap their previously announced automotive joint venture and it will continue its independent operations in India as it is. The two companies determined that they will not complete a previously announced automotive joint venture between their respective companies. The decision follows the passing of the December 31, 2020 'longstop' or expiration date of a definitive agreement the organisations entered into in October 2019, Ford Motor Company said in a statement.
When it comes to price versus the features, Mahindra's beast is a clear winner.
The new model RX6 will be an addition to the existing model range of Rexton which has received a very good response in India.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
Sales have started picking up and the company has cut down losses. It's now looking to expand in other markets.
Mahindra & Mahindra, India's largest utility vehicle maker, is planning to foray into the premium car segment by bringing out a product from the Ssangyong stable.
Stylish SUV Tivoli is all set to take on competition from Hyundai Creta and Renault Duster.
How the XUV300's suspension, plastics and interiors hold out in Indian conditions after a couple of years will be the litmus test for its success in the long term, but for now, this SUV delivers, says Pavan Lall.
Ssanyong has invested 700 billion won since its M&A (with Mahindra) and would put one trillion won ($920 million) in next three years.
The auto major is eyeing 20 per cent of the compact SUV market with the petrol and diesel variants of the XUV300, reports Shally Seth Mohile.
Mahindra is desperate for a best-seller in the compact SUV space, on which it missed the bus
The money will be used to develop products jointly.
The XUV300, Mahindra's second compact SUV, is so packed with segment-firsts that it is sure to send shockwaves among competitors.
Some of the notable models set to make a debut next year include the Tata Harrier, the Mahindra S201, the Kia SP Concept, MG Motors' Boujun 530, and the Honda HR-V.
Pawan Goenka, tells Shally Seth Mohile the Alturas, by far the most-expensive model wearing an Indian badge.
Utility vehicles maker, Mahindra and Mahindra (M&M), is considering reinstating the entire staff laid off by South Korean sports utility vehicle (SUV) manufacturer Ssangyong Motor Co in the next two to three years, according to M&M president (automotive and farm equipment sectors) Pawan Goenka.
Maruti is now at a market share of 50.4%, up from 47.3% last year. In China, the world's biggest market, Volkswagen is the largest, with a share of 17%. In America, the second biggest, GM is leader with 18%. One exception is South Korea, where Hyundai has a market share in excess of 60%.
M&M also showcased its new format next generation 'dealership of future' designed by Pininfarina.
Mahindra & Mahindra said it will acquire 70 per cent stake in the ailing South Korean auto maker SsangYong Motor for $463 million (about Rs 2,105 crore), in order to become a global utility vehicle major. The companies have signed a definitive agreement to this effect and the acquisition process is expected to complete by March 2011, Mahindra & Mahindra (M&M) said in a statement.
M&M is in the final stages of acquiring troubled South Korean automaker Ssangyong Motor Company.
Mahindra & Mahindra on Wednesday said it will look at sharing vehicle platforms with that of South Korean company SsangYong Motor, the acquisition of which it expects to complete by December.
Auto major Mahindra & Mahindra on Monday said it has entered into an agreement to acquire a majority stake in beleaguered South Korean vehicle maker SsangYong Motor Company. In a filing to the Bombay Stock Exchange, Mahindra & Mahindra said that it has "signed a memorandum of understanding with SsangYong Motor to acquire a majority stake in the South Korean SUV maker."
Mahindra & Mahindra says it has been chosen as the preferred bidder by the beleaguered South Korean auto company SsangYong Motor for acquisition.
Tyre maker Dunlop's owner Pawan Kumar Ruia has submitted a bid to acquire South Korea's bankrupt SsangYong Motor, while Mahindra & Mahindra is also understood to have made a similar move.
Mahindra, which emerged as the preferred bidder for SsangYong in August 2010, will now hold a 70 per cent stake in SMC, for which it has shelled out $463 million (about Rs 2,105 crore).
Whether it is protecting its turf in its core utility vehicle segment through new model launches, or stepping up investment in electric vehicles, the Anand Mahindra-led firm is leaving nothing to chance
Tivoli has turned out to be the best-selling vehicle from SsangYong in its 62-year history, Ajay Modi reports from New Delhi.
A record number of 85 products will be launched.
Industrialist Pawan Ruia's (think Dunlop and Jessop) arrest this month for cheating and criminal breach of trust marked a new low, but the tide had been turning against him for a while now. Ishita Ayan Dutt & Avishek Rakshit report.
Apart from a pavilion of vintage cars, there will be a Bollywood corner
The XUV100 will be launched in trendy colours like yellow and orange
TUV300 will take on the likes of Ford EcoSport and Renault Duster that are priced between Rs 7.88 lakh and Rs 13.54 lakh.
Mahindra & Mahindra is in talks to buy a majority stake in Pininfarina.
Mahindra & Mahindra gets the biggest impact of the Supreme Court's ban on sale of vehicles in Delhi with diesel engines bigger than 2,000cc.
New projects will boost investment in India, says Anand Mahindra.
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