Number of Letter of Intent Submissions for Ssangyong Motor Acquisition Rises to 11... Bidding on September 15

Operating Loss of 177.9 Billion Won... Slight Improvement

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] Ssangyong Motor has slightly reduced its operating loss in the first half of this year, while the number of companies submitting letters of intent to acquire it has increased to 11.

Ssangyong Motor announced on the 17th that it recorded sales of 1.1482 trillion KRW and an operating loss of 177.9 billion KRW in the first half of this year. These figures represent decreases of approximately 15% and 18%, respectively, compared to the same period last year.

According to Ssangyong Motor, sales volume in the first half was limited to 40,314 units, down about 18% due to production stoppages in the first quarter. However, thanks to product mix changes such as the launch of The New Rexton Sports & Khan in April, sales revenue only decreased by 15.3%. Additionally, cost reduction effects from self-help efforts contributed to a reduction in operating losses compared to the previous year.

Ssangyong Motor stated, "As the improved product models are receiving favorable reviews in the market and both domestic and export sales are recovering, we are making every effort to resolve the backlog of inventory. Along with increased sales volume, we will continue to implement self-help measures to further improve profitability."

Meanwhile, EY Han Young Accounting Corporation, the main sales agent for Ssangyong Motor, announced that the deadline for submitting acquisition proposals and the M&A bidding date is set for 3 p.m. on the 15th of next month. So far, a total of 11 companies have submitted letters of intent. At the end of last month, nine companies had already thrown their hats in the ring: the KS Project Consortium (including K-Pop Motors and three other companies), Edison Motors Consortium (including Edison Motors and two other companies), Samra Midas, Cardinal One Motors, Park Seok-jeon, World Energy, INDI EV, Future Motors Consortium (including Hyzen Solution and three other companies), and ELB&T. These companies will conduct preliminary due diligence, including reviewing the company's status through the virtual data room (VDR) and visiting factories, by the 27th.

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