Statements about the future from SsangYong Motor Company

On November 11, SsangYong Motor Company made its first announcements about its acquisition by KG Group.

The company now plans to accelerate early management normalization by increasing sales and generating profits quickly. SsangYong Engine, successful M

SsangYong appointed Kwak Jea-sun as its new president and Jeong Yong-won as its CEO in September. In October, he took additional steps to stabilize management and respond to changes in the new organization with more executive appointments and organizational reforms.

In July, KG Consortium and SsangYong’s workforce and management signed an exclusive tripartite agreement focusing on occupational safety and long-term investment. Labor-management cooperation has been strengthened to further consolidate labor relations and prevent a repeat of previous failures in this area.

KG Group completed its second round of capital investment in October as part of its priority receivables repayment and operational financing plan. With the repayment of rehabilitation debts, the improvement in the company’s financial structure accelerated and business began to normalize rapidly.

SsangYong’s future growth will be based on the company’s push towards electrification and will again be supported by additional capital financing from KG Group. The brand is also focusing on growth with the successful international launch of the new Torres SUV model. The introduction of Torres in the local market has been extremely well received and is already leading to an increase in sales, strengthening the brand’s position in the global market. Continuous investment and technology development for electric vehicles continues with the U100 planned to be launched next year.

SsangYong Motor officials commented: “On behalf of everyone at SsangYong Motor, we would like to express our sincere gratitude to all stakeholders, including the Seoul Rehabilitation Court, creditors and partners, for their understanding and support during the successful completion of the corporate rehabilitation procedure and the company’s commercial normalization. We would especially like to thank our customers for their loyalty, stating that we aim to reward our customers by providing the best possible customer service as a completely new and transformed business, and would like to express our gratitude for their patience.”