Reuters reported on the 13th that Ssangyong Motor's major shareholder, India Mahindra & Mahindra (hereinafter referred to as Mahindra), is considering giving up its control over Ssangyong Motor in an effort to escape the corona19 crisis.

According to reporters, Ssangyong Motor's board chairman, Pawan Goenka Mahindra, told reporters the day before, "Ssangyong Motor needs a new investor."

Mahindra acquired Ssangyong Motor in 2011 and holds a 75% stake.

Mahindra decided in April of this year to withdraw its investment plan of 230 billion won and support only 40 billion won in emergency funds as Ssangyong Motor's deficit continued to slump and hit Corona 19.

"If there is a new investor (of Ssangyong Motor), we can automatically take over or buy our stake," said Anish Shah Mahindra.

He emphasized, "We will review all loss-causing businesses over the next 12 months with extensive restructuring measures, such as reducing costs and increasing the effectiveness of capital expenditures under the influence of Corona19."

He added, "Businesses that are not profitable can seek or fold partnerships. Businesses with strategic importance will continue to invest."

The Mahindra Group announced late last year that on April 2nd, 2021, President Koenka will step down and Vice President Shah will take over.

Ssangyong Motor posted a net loss of about 200 billion won in the first quarter of this year and recorded a deficit for the 13th consecutive year.