Pyeongtaek City and Ssangyong Motor Hold Win-Win Meeting for Business Normalization

[Asia Economy Reporter Suyeon Woo] Ssangyong Motor, which has recently been facing management difficulties, held a win-win meeting for management normalization on the 10th together with Pyeongtaek City, where its headquarters is located. Members of the National Assembly representing Pyeongtaek, including Won Yoo-chul and Yoo Ui-dong, also attended and pledged to actively request government support for Ssangyong Motor.

Attendees at the meeting included Jeong Jang-seon, Mayor of Pyeongtaek, Won Yoo-chul of the Liberty Korea Party, Yoo Ui-dong, Lee Byung-bae, Vice Chairman of the Pyeongtaek City Council, Ssangyong Motor CEO Yae Byung-tae, and Labor Union Chairman Jeong Il-kwon. Mayor Jeong of Pyeongtaek, who attended the meeting, said, "Despite many difficulties, I am grateful that labor and management voluntarily accepted sacrifices and created a self-rescue plan for the future of Ssangyong Motor."

On this day, Pyeongtaek City purchased 11 Ssangyong vehicles and promised to do its best in administrative support for the normalization of Ssangyong Motor's management in the future. Representatives Won and Yoo, whose constituencies include Pyeongtaek District, also mentioned that they would actively request government support for Ssangyong Motor.

Pyeongtaek City and Ssangyong Motor held a win-win meeting on the 10th. (From left) Lee Byung-bae, Vice Chairman of Pyeongtaek City Council; Yoo Ui-dong, Member of the National Assembly; Jung Jang-seon, Mayor of Pyeongtaek; Ye Byeong-tae, CEO of Ssangyong Motor; Jeong Il-gwon, Chairman of the Ssangyong Motor Labor Union; Won Yu-cheol, Member of the National Assembly. Photo by Pyeongtaek City

Ssangyong Motor, a leading company located in Pyeongtaek, showed resilience by surpassing 100,000 domestic sales last year despite the sluggish domestic automobile industry. However, recently, sales have sharply declined due to the emergence of competing models against its main model Tivoli and the economic downturn causing a slowdown in consumption, leading to management difficulties.

In September and December of last year, Ssangyong Motor prepared and announced two rounds of high-intensity self-rescue plans and applied for loan extensions from financial institutions, but the path to management normalization is still far away.

This content was produced with the assistance of AI translation services.