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SsangYong Motor Suspends Shipments to Russia
South Korea's SsangYong Motor Co. says it stopped shipping cars to Russia in January and won't resume until the ruble stabilizes, Reuters reports.
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South Korea's SsangYong Motor Co. says it stopped shipping cars to Russia in January and won't resume until the ruble stabilizes, Reuters reports.
The company's sales in Russia last year fell 27% to 25,000 units, according to the Moscow-based Assn. of European Businesses. Volume plummeted 61% to only 1,300 vehicles in January-February 2015.
SsangYong slipped into receivership in 2009 before Mahindra & Mahindra Ltd. acquired a 70% stake in the company in 2011. Reuters notes the company's operating loss last year jumped to 77 billion won ($69 million) from 9 billion won in 2013.
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