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  • Ssangyong thrown £14m lifeline

    Jan 07, 2009 10:17 AM

    Financially troubled Korean manufacturer Ssangyong has been thrown a lifeline after receiving nearly £14m from its parent company, Chinese car maker SAIC.

    A statement from SAIC said the cash was destined for new product development, but Ssangyong owes its employees 29 billion won (£15.1m) in unpaid salaries for December.

    >> Read more on Ssangyong’s financial crisis

    SAIC owns 51.33 per cent...Read the full article
    • Symanski
    • Joined Mar 19, 2008
    • 490 Posts
    • Status: Offline

    Re: Ssangyong thrown £14m lifeline

    Jan 07, 2009 10:21 AM

    SAIC will probably wait until Ssangyong completely fails then move all the manufacturing equipment to China.   They did it with Rover, although really it was the Rover management who were desperate to give everything away to anybody who'd take it.   Still can't believe they sold the designs of their cars to China for absolutely nothing, effectively everything of value to Rover/MG, and then expected China to invest in a loss making manufacturing operation!

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