▪ First board meeting of 2012 sees approval of investment plan to develop a new global strategic model following the Korando
▪ KRW 295.8 billion to be invested in this first joint product development project with Mahindra
▪ Ssangyong on track to achieving its mid- to long-term goal of developing four new models by 2016 and maximizing synergy with Mahindra
Ssangyong Motor (President & CEO Lee Yoo-il; www.smotor.com) announced on Feb. 29, 2012 that the company will make investments in earnest in a new global strategic model under development now that it has gained approval from its board of directors.
The Board of Directors of Ssangyong approved an investment plan amounting to KRW 295.8 billion, including development of a new engine, at the first board meeting in 2012.
The board’s approval of the new investment plan is a green light signaling a new start for Ssangyong, giving the company momentum to secure a leading edge in the global SUV market through its strategic partnership with Mahindra.
Ssangyong and Mahindra plan to advance together as a global brand, maximizing synergy effects through the joint development of competitive products and platform sharing.
“The joint development of the new global strategic model will not only result in maximum synergy between both companies but will also mark a new milestone in Ssangyong’s journey towards fulfilling its global ambitions,” said Dr. Pawan Goenka, Chairman of the Board of Directors, Ssangyong Motor Company and President – Automotive and Farm Equipment Sectors, Mahindra & Mahindra Ltd.
Lee Yoo-il, CEO of Ssangyong Motor, commented, “The recent approval of the investment plan is the first step towards creating tangible win-win results between the two companies in all fields including product development,” adding, “We will continue to make earnest efforts according to our detailed investment plan in phases to develop new models which will be growth engines for the company in the years to come.”