Ssangyong Motor

SEOUL, July 23 (Yonhap) -- SsangYong Motor Co. said Monday it will set up its first direct overseas sales subsidiary in Australia in November to absorb growing local demand for sport-utility vehicles. 

Upon the establishment of the Australian sales subsidiary, SsangYong Motor plans to launch the Tivoli and G4 Rexton, Rexton Sports SUV models in the market, the company said in a statement. 

"SsangYong Motor aims to make Australia one of its four major export markets along with Europe, the Middle East and Latin America," a company spokesman said. 

In Australia, which currently imports all vehicles from abroad, the proportion of SUVs in the local automobile market jumped to 39 percent in 2017 from 18 percent in 2006, SsangYong's statement said. 

In the January-June period, the SUV-focused carmaker sold a combined 66,948 vehicles, down 4.8 percent from 70,345 a year earlier. 

Indian carmaker Mahindra & Mahindra Ltd. owns a 72.85 percent stake in SsangYong Motor. 

SsangYong Motor's Rexton Sports SUV (Yonhap)