As part of a restructured business strategy under its new owners – the Mahindra Group, Ssangyong Motor has said that it will launch five facelift models by 2013 and four completely new vehicles by 2016.
It also plans to develop and launch electric vehicles, while starting local manufacturing in India and Egypt.
The Korean carmaker, acquired by the $12.5-billion Mahindra Group in February, aims to sell 1.6 lakh vehicles on revenues of 4 trillion Won by 2013 and touch volumes of 3 lakh vehicles, posting revenues of 7 trillion Won by 2016.
This is part of a new vision to become the “Most Innovative and Respected Korean Automotive Company.”
“The goal we have set may be challenging, but given the tenacity and determination of the Ssangyong team, I am sure we will achieve it,” said Ssangyong Motor CEO, Mr Lee Yoo-il.
Apart from a focus on cutting costs, the company's new six-point strategy would include increasing global market share and sales, developing next generation technologies and maximising synergy with the Mahindra group.
Overseas network
“Ssangyong will cooperate with Mahindra in strengthening its overseas sales network and advance into the fast growing emerging markets. Ssangyong will commence using Mahindra's existing network in South Africa by March 2012.
“The company is targeting a 20 per cent market share in participating segments in Korea,” a company statement said.
Ssangyong and Mahindra aim to co-operate across the value chain, especially in R&D, product development, purchasing and sales to generate economies of scale in order to significantly enhance Ssangyong's cost-competitiveness.