Tuesday, September 27, 2011
By Pranjal Gera
Ssangyong sets targets for future growth
Ssangyong Motors has revealed its plans of expanding the sales figures and revenues by three times in 2013. It will be launching four new products in the process. Ssangyong Motors has revealed a statement saying that the company's target is to sell 160,000 units of its cars in the year 2013. The target for the current year is set at 120,000 units. The projected revenues for this year are 3 trillion won, whereas if the company achieves its target in 2013, the revenues will go up to 4 billion won, or $3.5 billion.
Ssangyong is a part of Mahindra & Mahindra group, which acquired the company in 2010 for $464 million. In the same year, Ssangyong exported 65% of its output to countries like Latin America and Russia. Now, Mahindra & Mahindra is planning to launch Ssangyong SUVs in India as well. It has plans to concentrate in the markets of countries like Brazil, China, Korea, India and Western Europe.
Ssangyong is looking forward to enhancing its technology and reach in fast growing markets. Mahindra & Mahindra is planning to use its already established market in South Africa, to help build Ssangyong achieve its future targets.
Ssangyong's CEO Lee Yoo-il feels that the goal might seem challenging, but Ssangyong's team is determined and thus it would achieve its targets easily. Lee Yoo-il and Mahindra & Mahindra's Chairman Pawan Goenka revealed the company's plans and targets in a seminar that was attended by almost 3,300 employees of the company. They said that the company will work on cost leadership, global market share and next generation technolgies in order to realise its goals.