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THE INVESTOR
June 30, 2022

Market Now

Amid buyout talks, SsangYong to launch new electric SUV Torres

  • PUBLISHED :May 18, 2022 - 09:05
  • UPDATED :May 18, 2022 - 09:05
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Teaser image of the Torres (SsangYong Motor)

South Korean sports utility vehicle maker SsangYong Motor unveiled the Torres on Tuesday, a new mid-size electric SUV to be launched next month.

The presentation of the new vehicle came amid growing financial pressure on the SUV maker, which has been struggling to find a new suitable buyer.

The new vehicle was named after the Torres del Paine National Park located in Chile’s Patagonia region, a place often known as “the end of the world.”

“We adopted the name Torres because the authentic SUV embodies the value of adventure, challenge spirit and a free lifestyle. Also, it preserves the wonders of nature and biodiversity,” said an official from SsangYong.

SsangYong Motor also released teaser images of the Torres, the first car designed with the carmaker’s new design philosophy, “powered by toughness.”

SsangYong said the strong and modern design that differentiated the car from existing SUVs. It seeks to depict a strong and wild image through its vertical front radiator grill design, the company said.

On the rear, a tailgate detail that looks like a spare tire has been used to create an authentic SUV look. Torres offers enhanced space utility and functions to drivers that enjoy outdoor activities, according to the carmaker.

The carmaker plans to start mass producing the car once it starts to take preorders in June. Torres will be an SUV choice bigger than the Korando but smaller than Rexton, a SsangYong official said.

The debt-ridden carmaker has been under court receivership since April 15, 2021, after its Indian parent Mahindra & Mahindra failed to attract an investor amid a continued pandemic situation.

A Seoul court chose a local consortium led by chemical conglomerate KG Group as the preliminary bidder for SsangYong Motor last Friday.

SsangYong Motor and its lead manager of the deal, EY Hanyoung, accepted the KG-Pavilion PE equity fund consortium as it seemed capable of delivering the cash promised to make the purchase.

Meanwhile, the Korea Exchange extended the grace period for SsangYong Motor, whose shares were suspended from trading in December 2020.

The bourse operator chose to put the carmaker on a grace period until the end of this year, sparing it from delisting on the condition that it improves its financial status.

By Hong Yoo (yoohong@heraldcorp.com)

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