Ssangyong Motor

SEOUL, Oct. 10 (Yonhap) -- SsangYong Motor Co. said Thursday it has signed a license deal with Saudi National Automobiles Manufacturing Co. (SNAM) to assemble its knockdown units into complete vehicles at SNAM's plant.

In the Jubail industrial complex on Oct. 8 (local time), SsangYong Motor President and Chief Executive Yea Byung-tae and SNAM President and CEO Fahd S Al-Dohish signed the product license agreement for local assembly of the Rexton Sports and Rexton Sports Kahn sport utility vehicles, the company said in a statement.

Under the agreement, SNAM aims to produce up to 30,000 units of the two models at its plant from 2021, it said.

SsangYong Motor currently exports its SUV models such as the flagship G4 Rexton, Korando, and Tivoli SUV to Saudi Arabia, where it aims to increase its market share and explore new growth drivers.

From January to September, SsangYong sold a total of 99,027 vehicles, down 2.4 percent from 101,436 units a year earlier.

Indian carmaker Mahindra & Mahindra Ltd. owns a 72.85 percent stake in the SUV-focused carmaker.

kyongae.choi@yna.co.kr