SsangYong Motor Co, the South Korean unit of Indian carmaker Mahindra and Mahindra Ltd, said on Wednesday it has signed an initial pact with Chinese electric vehicle maker BYD Auto Co for EV battery development.
SsangYong Motor has signed a memorandum of understanding with BYD Auto to develop car batteries and produce battery packs for its models, the company said in a statement.
“The partnership with BYD will pave the way for the company’s plan to transform itself into an EV maker in the era of electrification,” said court-appointed administrator Chung Yong-won.
BYD’s wholly owned battery manufacturer FinDreams Industry Co. will participate in the battery development project, SsangYong said.
SsangYong plans to install the car battery developed under the partnership on the U100 EV, which is under development for its mass production in 2023, reports Yonhap news agency.
The two companies plan to expand the partnership to jointly develop an EV-only platform in the long term.
In April, SsangYong was placed under court receivership for the second time after undergoing the same process a decade earlier.
Its Indian parent Mahindra failed to attract an investor due to the prolonged Covid-19 pandemic and its worsening financial status.
Court receivership is one step short of bankruptcy in South Korea’s legal system. In receivership, the court will decide whether and how to revive the company.
A local consortium led by Edison Motors Co, a South Korean electric bus and truck maker, was selected as the preferred bidder in October and is now in the process of acquiring the debt-laden carmaker.
–IANS
na/svn/bg
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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SsangYong Motor Co, the South Korean unit of Indian carmaker Mahindra and Mahindra Ltd, said on Wednesday it has signed an initial pact with Chinese electric vehicle maker BYD Auto Co for EV battery development. SsangYong Motor has signed a memorandum of understanding with BYD Auto to develop car batteries and produce battery packs for its models, the company said in a statement. “The partnership with BYD will pave the way for the company’s plan to transform itself into an EV maker in the era of electrification,” said court-appointed administrator Chung Yong-won. BYD’s wholly owned battery manufacturer FinDreams Industry Co. will participate in the battery development project, SsangYong said. SsangYong plans to install the car battery developed under the partnership on the U100 EV, which is under development for its mass production in 2023, reports Yonhap news agency. The two companies plan to expand the partnership to jointly develop an EV-only platform in the long term. In April, SsangYong was placed under court receivership for the second time after undergoing the same process a decade earlier. Its Indian parent Mahindra failed to attract an investor due to the prolonged Covid-19 pandemic and its worsening financial status. Court receivership is one step short of bankruptcy in South Korea’s legal system. In receivership, the court will decide whether and how to revive the company. A local consortium led by Edison Motors Co, a South Korean electric bus and truck maker, was selected as the preferred bidder in October and is now in the process of acquiring the debt-laden carmaker. –IANS na/svn/bg(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.) Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Support quality journalism and subscribe to Business Standard. Digital Editor