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(Reporter Zhang Lidong) Yesterday, the China Shanghai Automotive Industry Corporation (Group) Co., Ltd. signed a memorandum of understanding with South Korea’s creditor group to acquire Ssangyong Motor Company. According to reports, according to the memorandum of understanding, SAIC obtained the right to acquire 48.9% of the shares of Ssangyong Motor Co. held by the Korea Creditor Group. After acquiring these shares, SAIC Motor will become the largest shareholder of Ssangyong Motors. After the signing of the memorandum of understanding, SAIC Motor will perform due diligence on the assets and liabilities of Ssangyong Motor Co., Ltd. and negotiate with the creditor's rights on the purchase price and terms. SAIC Motor’s acquisition of Ssangyong Motor Company has been approved by the Chinese government. In September this year, the SAIC Group and the South Korean creditor group will sign a purchase contract based on the successful negotiation and complete the acquisition of the shares of Ssangyong Motor Company. It is reported that Ssangyong Motor Co., Ltd. is South Korea's fourth-largest automotive company and mainly produces mid-to-high-end off-road vehicles and RVs. It has an annual production capacity of 210,000 vehicles. Last year, it sold 146,600 vehicles, and its market share in the Korean automotive market was 12.5. %.
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