US firm, 8 others join race to acquire SsangYong Motor

Seoul, July 30 (IANS) A US vehicle importer and eight other companies have submitted letters of intent to acquire debt-ridden SsangYong Motor, the company said on Friday.

US-based Cardinal One Motors, SM Group and Edison Motors Co confirmed they joined the race to acquire the financially troubled carmaker to expand their business portfolios.

K-pop Motors Co, which mainly produces electric scooters, and pharmaceutical firm Park Seok-jeon & Co reportedly submitted LOIs. In April, they formed a…


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