Mahindra and Mahindra, which had recently acquired a majority stake in SsangYong Motor Co., a South Korean auto manufacturer, reportedly plans on developing a product platform in collaboration with SsangYong within the next 3 to 4 years.
Indian utility vehicle manufacturer, M&M acquired a majority stake of 70% in the South Korean SUV manufacturer that was running in loss, back in 2010. According to reports, the company’s president of the auto sector, Pawan Goenka, was quoted as saying that both the companies are in the middle of finalising the product plan. Their teams for product development have been working closely for developing platforms that will be utilised by SsangYong and M&M.
M&M is also expecting the SsangYong Co. to sell around 1.20 lakh units in this fiscal year helped further by strong growth in the South American and Russian markets. M&M managed to sell around 55,000 units during the first half of this year itself.
The company is also said to be eyeing the biggest auto market in the world, the Chinese auto market, and SsangYong is said to be getting ready to invest. According to reports, M&M has planned around 4 to 5 new product launches this year, including the new Reva NXR electric vehicle, a sub-four meter Verito sedan and a new global SUV. The company will also be launching a SangYong SUV this year.