SsangYong name removed under new ownership

SsangYong The company has been saved, but the name SsangYong will be included in the scrapbook.

In a speech reported by Korean media, Kwak Jae-sun – chairman of KG Group, the new parent company of SsangYong as well as the automaker itself – said the company would be renamed KG Mobility and New models will be launched under the KG brand.

“We decided to choose a new name to take full advantage of the power of SsangYong Motor,” Kwak said at an event organized by the Korea Automobile Journalists Association.

“Under the name SsangYong, the company has a fandom but also a painful image.

“The new cars will launch as the KG, but its history of car production will never change and will be under the same conditions.”

Korean store Pulse News reported the rebranding will need shareholder approval in March.

“Through a company survey, the company found a consensus among employees about rebranding, and we are pursuing a new corporate name that aligns with the electrification trend,” said one. SsangYong Motor official said.

KG Group, a chemical and steel company, led a consortium that acquired a 62% stake in the ailing SsangYong. The company’s KG Steel division previously supplied components to SsangYong.

The Korean minnow brand said on November 11 that it had written off its recovery debts using funds from its acquisition of KG Group, and thus completed the company’s recovery procedure after approximately 18 years. month.

It has a plan accelerate deployment of more SUVs and electric vehicles as it plans to boost sales and “quickly” return to profitability.

SsangYong Motor has been taken over by the court since April 2021 as former parent company Mahindra & Mahindra failed to find new investors amid the pandemic and financial problems.

The New Torres SUV An electric version is expected in 2023. The petrol version has already gone on sale in South Korea and has been well received, although an Australian launch will not be possible until later this year.

This is not the first time SsangYong has changed his name.

It was founded in 1954 as Ha Dong-Hwan Motor workshop, then merged with Dongbang Motor Co to become Ha Dong-hwan Motor Co and later Dong-A Motor.

Soon after the SsangYong Group took over in 1986, it adopted its name for the automaker.

Daewoo briefly held a controlling stake in SsangYong from 1997 to 2000, and during this time SsangYong’s vehicles – including the Musso and Korando – were sold as Daewoo.

Even under its most recent owner, Mahindra, there was talk of getting rid of the name.

“Our image in Korea tends to be negative,” former SsangYong Motor chairman Yoo-il Lee said in 2014 in comments reported by business standards.

“Also, in many international markets, customers find our name difficult to pronounce and some have a misconception that we are a Chinese brand.

“So we are looking at rebranding to establish a positive image and become a leading global SUV manufacturer.”

The company has had a tumultuous history. In addition to the short-lived acquisition of Daewoo and the cessation of financial support by Mahindra in 2021, Chinese giant SAIC Motor bought a 51% stake in 2004 but walked away in 2009, leaving ownership. .

Electric bus maker Edison Motors had planned to acquire SsangYong in 2021, but the plan fell through when it failed to pay the remainder of the 304.8 billion won needed to complete the continuation. manage.

Against this backdrop, SsangYong has enjoyed some success in the Australian market in recent years.

While full-year sales figures for 2022 are not yet available, it will almost certainly beat 2021 sales of 2978 units and thus set a new record.

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