SsangYong Ties Up With BYD Auto To Develop EV Battery
The two companies also aim to develop dedicated EV platforms in the long run
SsangYong Motor has recently announced a signing of an initial pact with Chinese electric car maker BYD Auto to jointly develop EV batteries, which will be used in SsangYong vehicles. Also joining the battery development project is BYD’s wholly-owned battery manufacturer FinDreams Industry.
Details regarding this partnership are scarce at the moment but reports say that the first batteries developed under this project will be installed in SsangYong’s first EV called the U100. The car is currently under development for its mass production scheduled in 2023.
Going forward, the two companies also aim to expand their partnership into the developing dedicated EV platforms, perhaps to follow in the footsteps of its Korean counterparts, Hyundai and Kia.
Whether or not SsangYong and BYD will be able to bring this project to fruition remains to be seen. It is no secret that the former is plagued by financial problems, which have been aggravated by its Indian owners, Mahindra & Mahindra’s refusal to reinvest and the South Korean government’s decision to turn down a bailout.
After failing to pay off 165 billion won (605 million Ringgit) worth of debts to the state-run Korea Development Bank, which resulted in a bankruptcy at the end of 2020, SsangYong was put up for sale by the Seoul Bankruptcy Court in July 2021. By August, there were nine parties looking to buy out the debt-ridden automaker.
They were SM Group, Cardinal One Motors, Edison Motors, K Pop Motors, Park Seok-jeon & Company, EL B&T, INDI EV, Hygen Solution and World Energy.
According to latest reports, electric buses and trucks manufacturer Edison Motors has emerged as the preferred suitor to take over SsangYong with a bid of 280 billion won (991 million Ringgit). This is subject to approval by the Seoul Bankruptcy Court but officials say the deal is expected to go through.
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