Intro: Prior to the economic upset in South Korea, Ssangyong was a producer of intriguing four-wheel-drive vehicles. The company had started in business by building American Jeeps for the large resident US Army bases in South Korea (the largest garrison of American troops outside of the USA).
It was known as the Korando (Koreans can do), which bore a strong resemblance to the American Jeep, which the company had grown to like.
However, witnessing the boom that was occurring for other Asia-Pacific car makers, the company wanted to develop its exports. Thus a British designer, Ken Greenley, was commissioned to create a new style of 4x4 estate car. The end result was called the Musso and, as a result of a three per cent technology stake in the company, carried out by Mercedes-Benz, it would be powered by Benz engines. Both Musso and Korando models were sold internationally under the Ssangyong brand. However, due to the fragile state of the national economy, the company was soon forced into a situation of overtrading, from which it could not recover. Daewoo Motor Corporation cobbled together a deal to rescue Ssangyong and therefore the next tranche of models sold in Europe arrived with Daewoo badging and new grilles with due deference to the company’s saviour. However, Daewoo itself was treading on dangerous ground and went into insolvency in 2000.
SsangYong Motor Company, with support from its creditors, managed to emerge as an independent company through extensive business restructuring and management reform efforts. Due to the surging demand for SUVs the company has recovered in a short time.
After lengthy negotiations Shanghai Automobile Industry Corp. took over 49 per cent of shares in 2004 and now effectively controls the company.
SsangYong is on track of model revolution: during 2005-2006 at least four new models will be introduced. |
