SsangYong Motor of South Korea will have new owners after the company disclosed on Monday that it had been acquired by a local group for 305 billion Won ($254.56 million). After primary owner Mahindra failed to find a new buyer, SsangYong Motor was placed under judicial receivership for many months.

SsangYong Motor has had a turbulent history, with multiple instances of losing money. In 2010, Mahindra & Mahindra purchased a majority share in the South Korean manufacturer, with the goal of capitalising on the SUV body style to help it resurrect its fortunes. It wasn't meant to be, as the firm became more of a burden for the Indian automaker than an opportunity.

Mahindra decided to cease injecting money into the company in April 2020 and began hunting for a buyer, but to no avail. SsangYong Motor filed for bankruptcy at the end of 2020, owing a debt of 100 billion Won.

SsangYong Motor has had a difficult year, and the Covid-19 epidemic has inflicted a severe blow. According to Reports, car sales in 2021 fell to little over 84,000, down 21% from the previous year, according to a regulatory filing by the automaker. Between January and September 2021, the automaker lost 238 billion Won on revenue of 1.8 trillion Won, resulting in an operating loss of 238 billion Won.

SsangYong Motor may be traced all the way back to Dong-A Motor, which was acquired by SsangYong Business Group in 1988. After then, it was taken over by Daewoo Motors and SAIC, with Mahindra & Mahindra finally gaining ownership. The SsangYong Tivoli was the first vehicle to be released after the Indian business acquired control, but despite intentions to focus on SUVs and even investigate a foray into electric vehicles, the company's stock has collapsed, evoking little confidence.

PLI scheme: 115 companies file for auto sector

Samantha remarks on her mother-to-be glow; Kajal Aggarwal is excited to meet her little one

Jubin Nautiyal to bring gift for fans, 4 songs to be released