Recently, we learned from relevant sources that the plan of South Korea's new force Edison Automobile to acquire SsangYong Automobile was approved by the Seoul Court of South Korea, for which Edison Automobile needed to pay about 256 million US dollars (about 1.632 billion yuan), after which SsangYong Automobile will break away from the Indian Mahindra & Mahindra Group and intend to transform into a pure electric brand.
Since being acquired by India's Mahindra & Mahindra Group, SsangYong Motors' operations have not improved, and they have been losing money for many years, and filed a bankruptcy application with the Seoul court at the end of 2020. After being acquired by Edison Motors, SsangYong Automobile will transform into a pure electric brand in the future.
At the end of 2021, SsangYong Automobile signed a cooperation agreement with BYD, a giant in the field of electric vehicle and battery manufacturing in China, in the future, the two sides will cooperate in the development of battery technology and electric vehicle-specific platform technology, and the U100 pure electric vehicle that will be mass-produced in 2023 will be equipped with a battery pack developed by the cooperation. FinDreams, a wholly-owned subsidiary of BYD, will participate in the research and development of battery technology.
Edison Motors, which mainly produces electric trucks and buses, plans to produce 10 new all-electric models by 2022, including the Smart S to compete for models from EQS to Tesla Model S, which will be equipped with a three-motor powertrain and is expected to last up to 800 kilometers. In addition, Edison Auto expects to produce 20 models by 2025 and 30 models by 2030.