This is not the first time SsangYong has had a new name. It first started trading in 1954 under a different name.
The first name change came in 1977, with the firm settling on Dong-A Motor. It was then taken over by the SsangYong group in 1986, and renamed as such.
Due to unfavourable market conditions, SsangYong struggled with financial troubles, accruing some not-insignificant debt.
A consortium led by KG Group, a chemical-to-steel company, took over the South Korean automaker, acquiring a 62 per cent stake in the brand, allowing the brand to exit court receivership in November.
This is a lifeline that offers some much-needed stability after a period of financial uncertainty. With the takeover, KG Group is also keen on exerting its influence on the automaker.
The new chairman of SsangYong Motor, Kwak Jea-sun, is also the man in charge of the KG Group, and he’ll have to run their shareholders through the proposed rebranding to KG Mobility in their upcoming shareholders’ meeting in March.
Whilst future SsangYong cars will be branded under the ‘KG’ moniker, Kwak stresses that the brand will still embody the history and spirit of Ssangyong, and “have the same conditions.”
This article was first published in Asia One . All contents and images are copyright to their respective owners and sources.
