Ssangyong Motor Co., Korea's fourth largest automobile manufacturer, presented an aggressive long-term investment
plan yesterday. Ssangyong announced that it would invest more than 1 trillion won ($1 billion) by 2008 to produce
a luxury sedan and a sport utility vehicle in Korea.
The plan was approved during a board meeting held Dec. 27 with executives from the car company's largest shareholder
, Shanghai Automotive Industry Corp., participating, the company said.
The Korean car manufacturer will also launch a follow-up model to its luxury sedan, the Chairman, in 2008. Ssangyong
specializes in sport utility vehicles and recreational vehicles, such as the Rexton and the Korando.
The new vehicle will use the same frame used by the Chairman. Ssangyong, however, plans to develop its own gasoline
engine with a cylinder capacity over 2,500 cc to install in the new sedan. A small sport utility vehicle will be
introduced to the market in the second half of next year. The vehicle will be using a frame that Shanghai Automotive
Industry purchased from the British carmaker MG Rover.
The new vehicle will be smaller than Ssangyong's sport utility vehicle, the Actyon, which was introduced last
year.
Last year, Ssangyong invested more than 300 billion won in new vehicle development and in expanding its
facilities.
-Source from Joongang Daily(Jan 24,2006)
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