Ssangyong Motor Company, which is now owned by Mahindra & Mahindra, is planning to launch four new cars by the year 2016, and five facelift models of its current cars by the year 2013. This is being planned in oder to boost up the sales across the world.

The company, on Wednesday, issued a statement saying that the company is also working developing electric vehicles. Ssangyong is, at present, expanding its infrastructure in Korea, and it is looking forward to set up a domestic finance company, in order to provide its customers with one-stop finance. The company, which is famous for its SUVs, is eyeing 20 percent market share in the Korean market.

Ssangyong also revealed its goals for the future. It has set a target of selling 1.6 lac units by the year 2013, thus taking its revenue to four trillion Won. By 2016, it has a target of selling 3 lac units, which would generate seven trillion Won for the automobile company.

Lee Yoo-il, Ssangyong Motor's Chief Executive Officer, said that the goal may, at present seem challenging and difficult, but the determined team of Ssangyong would achieve it with ease. Ssangyong also plans to use Mahindra & Mahindra's well established network to excel in South Africa.

Mahindra & Mahindra would work with Ssangyong team in R&D, purchases and sales generation for mutual benefit. The company is planning to expand its market to Egypt and India as well. It announced that it is looking forward to local manufacturing of its cars, in India and Egypt.