MENU
SEARCH
Korean automaker SsangYong plans to launch sales in the United States as part of its ambitious global growth plans. The company also expects Europe to be its largest export market in 2011, company chairman Yoo Lee told Automotive News Europe.
Lee said SsangYong "aims to sell 120,000 units globally this year", with volume "doubling to 240,000 in two to three years".
Europe will be SsangYong's largest export market in 2011 with estimated 15,000 sales, according to Lee. "Our long term goal for Europe is to sell more than 30,000 units," Lee added, reported Automotive News Europe.
SsangYong's biggest European markets are Spain, Germany, Benelux, Switzerland and France.
SsangYong has 800 dealers and 18 distributors in Europe. "But we want to expand our European network to more than 1,000 dealers," Lee said in an interview at the Geneva auto show.
Lee said the automaker plans to enter the U.S. market within five years. "We still need time to fulfill all strict emission and safety regulations," he said.
SsangYong sees a sales potential of up to 20,000 units per year in the U.S. entering the market in "two-to-three years from now – but within five years at the latest," Lee said.
SsangYong will continue to concentrate its product offerings on SUVs. The automaker will introduce the SUT1 sport utility truck, which was shown last week in Geneva in concept form, in Europe and other markets next year.
SsangYong plans to sell 1,000 units in Germany this year, the company's new Germany boss Ulrich Mehling told Automotive News Europe. "In the mid-term I see a potential of 3,000 cars," he said.
SsangYong vehicles are currently sold through 26 independent dealers in Germany. "By the year's end it will be 60 to 70 and in the mid-term we should have 150 dealer outlets," Mehling said.
SsangYong does not plan to build new plants abroad. Instead it aims to fully utilize its annual plant capacity of 240,000 units in Korea.
Mahindra & Mahindra, India's largest manufacturer of sport-utility vehicles and tractors, last month completed the purchase of a 70 percent stake in SsangYong.
JD Power analysts see auto retail faring this year’s storms well through various means, though it acknowledges conditions are challenging to accurately predict.
Read More →
Car insurance premiums have continued to decline so far this year, the overall national average settling at $138 per month in March, according to Insurify data.
Read More →
Last week's wholesale auction activity was stable, though buyers exercised selectivity as they focused on certain segments.
Read More →
In this week's Dealer Debrief, host Lauren Lawrence covers a new safety assessment, current inventory issues, and a new payables process for dealerships.
Read More →
Both conversions and values were up last week, though business was spotty depending on the segment in question.
Read More →
Five of its brands now have greater access to battery-electric vehicle charging through Tesla’s Supercharger network across North America.
Read More →
Sixteen out of the 20 cheapest vehicles to insure in 2026 are SUVs, according to CarInsurance.com, largely because of their safety features and lower repair costs.
Read More →
Overall conditions in February tipped slightly in consumers’ favor as prices stayed high, granting a reprieve of sorts just before the war on Iran commenced and started to reverse the welcome trend.
Read More →
New-vehicle sales fell year-over-year for the fifth month in a row in February, making retail deliveries the slowest they’ve been since 2023, according to a CarGurus report.
Read More →
According to LendingTree data, the average monthly auto loan payment was $540 in the fourth quarter, and the average credit score for those with a recorded default was 529.
Read More →