Sometime in late 2020, South Korean automaker Ssangyong filed for bankruptcy, it was an issue that the automaker had been dealing with for quite a while. After some time though, a deal with Edison motors was reported to have materialized to help save the embattled company.
However, it seems that it was not meant to be. The two companies already signed a KRW 304.8 billion (PHP 13.1 billion) deal back in January, and Edison Motors had already given 10% of the acquisition money as payment upfront. Sadly, the EV startup company was unable to shore up the remaining 90% worth KRW 274.3 billion (PHP 11.75 billion) before the March 25 deadline.
With Edison Motors not able to make the payment before the deadline, the terms of the contract have been breached. This means Ssangyong will remain in court receivership because their majority stakeholder (Mahindra & Mahindra) failed to find a buyer in time.
This is another blow dealt to a company that was so eager to bounce back with new EV concepts they showcased recently. Now, only time will tell if the automaker’s time is truly up, or if they live to fight another day.