Ssangyong cancels merger with Edison Motors

Ssangyong Motor Company announced that it has cancelled its merger investment agreement with Edison Motors Consortium.

According to Korean automotive marque, the agreement — that was signed last January — was terminated after the consortium failed to meet its payment obligations that was due March 25, 2022.

Following the contract dissolution, SsangYong said in a statement that it will now look for a new investor and submit a corresponding restructuring plan within the statutory period.

The company known as the “Korean sport utility vehicle (SUV) specialist” said that electric bus manufacturer was selected as the preferred bidder in October 2021. Edison Motors immediately signed a letter of intent with vehicle manufacturer in November last year.

The investor earlier transferred 10 percent of the purchase price worth ₩304.8 billion (around P13.071 billion) that includes the initial commitment amount.

In the Philippines, Ssangyong offers the Tivoli subcompact crossover, Korando compact SUV, the seven-seater Rexton SUV, and its pick-up trucks Musso and Grand Musso.

Photos from Ssangyong Philippines Facebook page

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