Around 80% of the Rs 2,719 crore impairments in Q4 came from just two companies – SsangYong and Genze
Acquired in 2010 SsangYong has been the trouble unit for M&M for almost every year despite several attempts made to turn around operations.
The Mumbai-headquartered company is said to considering a capital injection of 500 billion Won ($430 million) in SYMC by 2022
Among the changes seen in the SUV is the front grille, which has increased in size and has a honeycomb mesh design.
Current funding will take care of SsangYong’s capital expenditure needs for the next three-to-four years
Inspired by the e-SIV concept, the Korando is expected to carry a 61.5 kWh battery pack in its EV form.
SsangYong aims to develop electric vehicles (EV) jointly with M&M and launch them in 2019. Besides there is also the plan to enter the US market around the same time.
As part of its strategy to net 50 per cent of automotive revenues from overseas by fiscal 2019, homegrown auto player Mahindra & Mahindra (M&M) is planning to set up a second base for itself outside the country.
For the first time M&M will be offering Scorpio with a petrol engine. The petrol engine will be co-developed with Ssangyong, learns CNBC-TV18.
Currently, M&M is looking to hike its stake to 85 percent for which around Rs 1500 crore has been set aside. By year-end, M&M plans to increase its stake in Ssangyong to 90-95 percent, thereby giving it almost 100 percent ownership.
Previously, M&M has bought out Reva, Ssangyong, Kinetic and Peugot. Not all have been successful, yet.
In the two-wheeler segment, the firm that is in the process of acquiring 51 percent stake in Peugeot Motocycles for 28 million euros, is eyeing various global markets besides India to launch the French firm's products.
This will be the companys fourth rebranding since its inception in 1954 as Ha Dong-hwan Motor Co.
This is a hybrid and power is derived from 1.6litre diesel engine and 10kW electric motor taking power from a 500Wh lithium ion battery.
M&M is planning to divide its AFS product development division into two verticals -- auto and tractor.
In an exclusive chat with CNBC-TV18, Pawan Goenka, president, M&M said the SsangYong brand has acquired some negative connotations and they are in the process of finalising a new name.
For the tremendous growth seen by the Mahindra group, from a turnover of around USD 1.35 billion a decade ago, to USD 16.2 billion today. The group is now a federated structure, and not a centralised conglomerate.
Mehraboon Irani is bearish on oil PSUs due to inefficieny of government to take any bold steps since last one one-and-half months and therefore, he is negative on Oil and Natural Gas Corporation (ONGC) after the company‘s net profit slumped 34 percent.
Betting big on electric vehicles to take off in the country despite tepid consumer response so far, M&M has roped in its South Korean partner Ssangyong for jointly developing a new range of powerful electric cars that would have higher power and speed.
Utility vehicle maker Mahindra & Mahindra on Friday said standalone net profit for the third quarter rose 26 percent from a year ago to Rs 836 crore.
India's largest utility vehicle and tractor maker Mahindra & Mahindra will report its third quarter earnings later on Friday. While passenger vehicle sales have been sluggish over the last one year, the maker of Scorpio, Bolero and XUV500 will be boosted by a strong shift in demand to utility vehicles.
Auto major Mahindra and Mahindra's Korean subsidiary SsangYong today said it expects to improve financial performance in the next two years.
Mahindra and Korean car maker Ssangyong launched their latest SUV, Rexton. But can this new SUV help Mahindra increase its market share? CNBC-TV18‘s show Overdrive tested this new offering from Mahindra-Ssangyong to check if it can sustain Indian driving conditions.
Global sales of Tata motor has declined due to increased use of commercial vehicles as compared to the luxury brand like Jaguar land Rover (JLR) says Fortune Equity Brokers, Mahantesh Sabarad
Utility vehicle maker Mahindra & Mahindra on Wednesday launched the much anticipated Rexton SUV from its Korean arm SsangYong Motor Co stable.