Ssangyong Motor Co, part of the Mahindra & Mahindra Group, aims to expand vehicle sales and revenue by a third in 2013 by launching three new platforms and four new products.
Ssangyong Motor said in a statement that it aimed to sell 160,000 vehicles in 2013, compared with a 2011 target of 120,000 units. The SUV maker also said it targeted revenue of 4 trillion won ($3.5 billion) in 2013, from a projected 3 trillion won for this year.
Chairman Pawan Goenka and CEO Lee Yoo-il on Tuesday unveiled Ssangyong’s new vision, core values and five year business strategy in the presence of about 3,300 executives and employees. This would be achieved by developing competitive products, increasing global market share, attaining cost leadership, develop next generation technologies and maximising synergies. “The goal we have set may be challenging, but given the tenacity and determination of the Ssangyong team, I am sure we will achieve it” said Yoo-il.
In 2010, M&M acquired Ssangyong, for $464 million, giving the Indian utility vehicle maker access to advanced technologies and overseas markets. Ssangyong, the maker of Actyon and Rexton SUVs, exported 65 percent of its output last year to markets like Russia and Latin America.
M&M will concentrate on markets like China, Brazil, Western Europe, Korea and India. “We have obviously taken into account the slowdown that’s affecting Europe. If it gets worse then we will have to take a call,” said Goenka. Shares in Ssangyong Motors, which have fallen about 30 percent this year, closed up by 0.2 percent on Tuesday.
To expand its global market share, Ssangyong will strengthen its overseas sales network and advance into fast growing emerging markets. Ssangyong will commence using M&M’s existing network in South Africa by March 2012 and move to local manufacture of its vehicles in India and Egypt. Ssangyong and M&M are integrating across the value chain, especially in R&D, product development, purchasing and sales to generate economies of scale.