New owner-in-waiting of SsangYong also debuts at new SUV media showcase

[Source: SsangYong Motor Co.]

KG Group Chairman Kwak Jae-sun joined SsangYong Motor’s newest Torres sport utility vehicle media showcase in show of confidence and support for the carmaker whose sale has been approved by the bankruptcy court and is awaiting approval from creditors.

“This is the most thrilling moment, and I’m sure it’ll be the most and last challenging time for me as a leader with SsangYong,” said Kwak during the Torres media showcase on Tuesday.

“Companies have to do valuable work to the world with good products, provide a foundation for living for the employees and compensate for the investors with trust. SsangYong’s achievement so far has been insufficient, but we’ll put together a very good company for the purposes,” Kwak emphasized.

SsangYong’s executive vice president and legal manager Jung Yong-won also attended the event and appeared in front of the press for the first time during the court receivership.

[Photo by Yonhap]

“We’ve closely studied and discussed what customers want to SsangYong Motor inside the company. And the answer was to recover the identity of SsangYong,” said Jung.

“Starting with Torres, the company will release new mid-sized all-electric SUV in the second half of next year, KR 10 upgraded from Korando SUV in the mid-2024, and the country’s first electric pickup truck in the second half of 2024,” he added.

SsangYong will win back its status as a great SUV maker and normalize management within two years, Jung emphasized.

KG Group-led consortium, a designated stalking-horse bidder, at the end of June was declared the final winner for court-protected SsangYong Motor to end the two-years-long ordeal for the Korean carmaker as no other contestant reportedly beat its price and other acquisition terms.

SsangYong Motor plans to sign a final contract by early this month and hold a congregation by the end of July to early August to seek creditor approval for its rehabilitation plan.

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