Mahindra & Mahindra which took over the Korean automobile company Ssangyong Motors is working towards increasing Ssangyong Motor’s revenue from $2 billion (last year) to $3 billion in the next one year through a series of initiatives.
M&M is evaluating promising markets like China and India for the launch of Ssangyong vehicles. The M&M owned company Ssangyong will launch Kornado-C and Rexton in India by the end of 2011. Both the cars will be placed in the premium segment. M&M president (automotive), Pawan Goenka stated that the Indian company has chalked out different strategies to increase the sales and improve the profit margins of the Korean company. Currently, M&M is reconstructing the brand image of Ssangyong inside and outside Korea to improve its sales. M&M has also started using the Korean company’s inputs for its new products. Ssangyong after being bought over will jointly develop all future automotives with M&M.
The Indian parent company hopes that the new cars and their variants will boost the volume of Ssangyong cars from 102,000 units per annum to 106,000-107,000 units. Ssangyoung cars in India would be sold from the existing M&M outlets in the country. M&M will also leverage Ssanyong’s dealerships across markets like China, Russia, Australia, Brazil and Chile.