Ssangyong Motor

SEOUL, Dec. 5 (Yonhap) -- SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Wednesday it has opened its first overseas sales subsidiary, in Australia.

The Australian subsidiary is the carmaker's only overseas sales company, SsangYong said in a statement.

The carmaker aims to boost sales in Australia by building up local sales networks. Its major export markets are Europe, Latin America and the Middle East, it said.

From January through September, the maker of the flagship G4 Rexton and Tivoli sport-utility vehicles reported deepened net losses of 57.85 billion won, up from 35.58 billion won a year earlier.

Mahindra & Mahindra owns a 72.85 percent stake in SsangYong Motor.