Could it be too late for Ssangyong? Shanghai Automotive Industry Corp. (SAIC) appears to have given up on Ssangyong Motor Co., allowing the company to slip into receivership. SAIC holds a 51% stake in Ssangyong, but gave up management rights in a bid to avoid liquidation and allow Ssangyong some time to get back in the black. The Korean automaker's Chief Executive Zhang Hai Tao and President Choi Hyung-tak both stepped down after the filing.
It may not be the entire 320 billion won that its largest creditor was looking for, but Shanghai Automotive Industries Corp's recent announcement that it would prop Ssangyong up with an investment of 25.9 billion won ($19.89 million) should do the trick. SAIC says the money is to facilitate the development of new products, but we'd guess that paying the Korean automaker's employees for their services will probably take top priority. According to the unionized workers for Ssangyong, which is Kore
During the Beijing Motor Show a couple of months back, reports came out that Shanghai Automotive was developing a hybrid version of the Rover 75/Roewe 750. Now reports from China indicate that a new version is being testing that should hit the market in 2008. There aren't any technical details available, but you can see more photos by clicking the read link.