Skip advert
Advertisement

Struggling SsangYong to be sold for just £170 million

SsangYong is to be sold to the Korean bus manufacturer Edison Motors, with the deal expected to be finalised later this month

SsangYong

Korean brand Edison Motors is expected to buy out SsangYong for a rather measly £170 million, with the deal set to be finalised by the end of October.

During the past year, the company has struggled to make ends meet and, after failing to meet the repayments on one of its loans, it started looking for a bidder to take over the business.

Advertisement - Article continues below

Currently, Edison Motors is known for building electric and plug-in hybrid buses, but the firm has plans for expansion, with a line-up of electric passenger cars due for launch by 2030 – the first of which will be on the road as early as next year.

Edison Motors has big aims, with a stated aim of “overtaking Tesla Motors”.

The company’s first EV, called the Smart S, is designed to tackle everything from the Tesla Model S to the Mercedes EQS. It’ll have a tri-motor powertrain with an output of 644bhp, which Edison Motors says will be enough for 0–62mph time of less than 2.5 seconds. It’ll be powered by a 100kWh battery pack, offering a maximum range of 641km (398 miles).

Once that’s on the road, the company will launch the Smart E, which it says is a mid-sized car worth around $35,000 (around £25,000) designed to “overtake the Mercedes E-Class.” 

That’ll be followed by the Smart A – an entry-level EV that Edison Motors says will topple the Tesla Model 3 with a claimed starting price of just $20,000 (around £14,500).

Naturally, there are plans for an SUV, to be called the Smart X, which will be aimed at Tesla’s Model X. Edison company hopes to undercut the competition on price, though, with a start-point of £74,000.

Edison Motors won’t stop at that, though, because the company even has plans to launch electric aircraft. The firm says its strategy will have a five-seat “electric flying vehicle” in the air as early as 2024, with a five-seat electric jet following in 2027.

What do you think the future holds for SsangYong and Edison Motors? Let us know in the comments below…

Skip advert
Advertisement
Skip advert
Advertisement

Recommended

Best new cars coming in 2024
Best new cars coming in 2024 - header image
Best cars & vans

Best new cars coming in 2024

There are some big new models from the likes of BMW, Citroen, Dacia, Ford, MINI, Skoda and more on the way in 2024
12 Mar 2024

Most Popular

‘Dacia Zen’ seven-year warranty brings added peace of mind
Dacia Duster - tailgate
News

‘Dacia Zen’ seven-year warranty brings added peace of mind

The value brand’s new warranty is also available on used cars, as well as for existing Dacia customers
16 Apr 2024
Car Deal of the Day: Mercedes EQC offers luxury EV motoring for £327 a month
Mercedes EQC - front cornering
News

Car Deal of the Day: Mercedes EQC offers luxury EV motoring for £327 a month

Mercedes’s EQC showed that the German firm was serious about electric cars and it’s our Car Deal of the Day for Monday 15 April
15 Apr 2024
New Nissan Qashqai gets angry, as best-selling family SUV receives aggressive facelift
Nissan Qashqai reveal - front
News

New Nissan Qashqai gets angry, as best-selling family SUV receives aggressive facelift

In addition to its new much sharper design, the Qashqai now features Google apps and voice assistant built in
17 Apr 2024