INCHEON– SsangYong Motor Co. launched the all-new Torres SUV in South Korea on Tuesday, a week after a Seoul court approved a local consortium as final bidder for the debt-laden carmaker.
The Torres SUV comes with a 1.5-liter turbocharged gasoline engine and a six-speed automatic transmission. It is priced at 27 million-30 million won (US$20,800-$23,000).
SsangYong said it has received more than 30,000 preorders for the new SUV since last month.
The SUV-focused carmaker plans to export the Torres SUV initially to Chile later this year and then other emerging markets next year.
To further beef up its lineup, SsangYong will launch the electrified version of the Torres late next year. It also plans to introduce the electrified version of the Korando SUV under the project name “KR10” and an electrified pickup truck in 2024, court-appointed administrator Chung Yong-won said in a press conference.
“Over the following two years, the company will restore its leading status in the local SUV market based on the strengthened lineup and achieve a business turnaround,” Chung said.
SsangYong’s lineup consists of the Tivoli, Korando, Rexton and Rexton Sports SUVs.
Last Tuesday, the Seoul Bankruptcy Court approved SsangYong’s decision to select a local consortium led by chemical-to-steel firm KG Group as the final bidder in the latest auction.
SsangYong plans to submit its rehabilitation plan to the court in late July and obtain the court’s approval for the plan in late August.
The company has struggled with weak domestic sales amid a global chip shortage and the prolonged COVID-19 pandemic in recent years.
But its overall sales rose 19 percent to 47,589 vehicles from 40,134 units a year earlier helped by robust exports of its SUV models.
China-based SAIC Motor Corp. acquired a 51 percent stake in SsangYong in 2004 but relinquished its control of the carmaker in 2009 in the wake of the global financial crisis.
In 2011, Mahindra acquired a 70 percent stake in SsangYong for 523 billion won and now holds a 74.65 percent stake in the carmaker.
SsangYong has been under court receivership since April 15, 2021, after Mahindra failed to attract an investor amid the COVID-19 pandemic and its worsening financial status.
Trading of SsangYong shares has been suspended since Dec. 21, 2020. KPMG Samjong declined to offer its opinion for its 2021 financial report due to snowballing losses. SsangYong has posted net losses for six consecutive years through 2021.
Source: Yonhap News Agency