Mahindra & Mahindra South Korean electric car maker Edison Motors’ deal to save its debt-ridden SsangYong Motor has been canceled after it failed. Edison failed to meet the payment within the stipulated time and the settlement between the two ended.
SsangYong Motor said the company would look for a new owner at the earliest. Let us tell you that this company is under court receivership since last April.
Mahindra held about 75 per cent ownership of SsangYong at the end of September. It is now looking for a buyer for all or most of its stake in the company, which it bought in 2010 when the South Korean automaker was on the verge of bankruptcy.
Mahindra hoped that the creation of the SUV body type would help it again in the market. However, this did not happen and Mahindra chose not to invest any more money in it in April 2020 and started looking for a buyer for it.