Ssangyong, which recently attended the Paris Motor Show
and showed off the C200 4-wheel-drive
, is officially out of money. The company is more than $77 million (US) in debt, and no longer has the funds to pay its employees' salaries. Ssangyong is owned by Shanghai Automotive Industries China, otherwise known as SAIC. In what could provide a cautionary tale to Volvo
workers assuming Ford actually does a deal with SAIC
for the Swedish brand, when Ssangyong asked SAIC for the money to pay employees, SAIC refused because Ssangyong's internal employee's union had earlier called for Chinese executives to resign. In the meantime, Ssangyong has merged operations and shut down all of its plants and the employees have planned a protest to make their feelings known.