SsangYong Motor based at Seoul (South Korea), in which Mahindra & Mahindra holds the majority of shares, plans to boost its sales volumes and revenue by a third by the year 2013. To achieve its target, the company plans to launch five improved models apart from concentrating on exports.
After its acquisition by Mahindra, the struggling carmaker is seeking a comeback. It is not certain whether Mahindra will pump in money in the company to develop the new models. NH Investment & Securities analyst, Mr. Lee Sang-hyun, stated the products of SsangYong are outdated and very limited, but it was uncertain if Mahindra would be willing to invest heavily in the company to develop new products.
In a statement, SsangYong Motor stated the carmaker was aiming to sell 1,21,000 vehicles in 2011 and would raise the bar and aim to sell 160,000 vehicles in 2013. In terms of revenue, the carmaker is aiming to generate revenue of 3 trillion South Korean won (Rs. 12300 crore) in 2011 and 4 trillion South Korean won (Rs. 16400 crore) in 2013. The company also has plans to launch four new models by 2016.
