Home grown utility manufacturer, Mahindra & Mahindra is planning to sell around 1,20,000 models from their Korean majority owned Ssangyong company in global markets this year. M&M purchased Ssangyong Motors this February.
The president of the company, of the farm equipment and auto sector, Pawan Goenka, said that they aim to sell around 120,000 models from the Ssangyong brand in global markets this year. 55% of these will be sold outside of the South Korean auto market, with only the remaining being sold in this market. In 2010, they had sold around 82,000 cars.
He also added that they will be launching around 5 new models in the Indian auto market this year. Two of these will be Ssangyong models, the Korando C and the Rexton, along with an electric model and an SUV.
He also said that they would be raising prices of their models later in the year, to reduce pressure on their profit margin, and the growth in this market, would also be slower this year because of macroeconomic factors. They expect that tractor and auto sectors this year will grow at 12% and 15% respectively.