Pawan Goenka, executive director of Ma Hengda and chairman of Ssangyong Motor Co., announced to Reuters and other foreign media that the company is negotiating with a number of Chinese companies to form a joint venture or contract production to manufacture Ssangyong brand models in China. At present, Ssangyong distributes vehicles produced in South Korea through local distributors in China, which is an imported car.
Pawan Goenka said that domestic production in China has become the focus of Ssangyong's efforts, and plans to enter the US will be shelved.
In 2011, Ma Hengda will acquire Shuanglong on the verge of bankruptcy, holding approximately 70% of the shares. Although Ssangyong is free from bankruptcy and liquidation, the South Korean car company is still struggling to turn around. In 2015, although Ssangyong achieved net profit in the fourth quarter, the net loss for the entire year reached 61.9 billion won, or about 51.6 million US dollars.
How to achieve development in a major market is an important step for Shuanglong to try to turn losses. China and the United States were once in the planning of Ssangyong. The difference is that Ssangyong has a certain foundation in the Chinese market, and has not stopped the pace of efforts in recent years. According to informed sources, in 2014 Ssangyong had negotiated with Geely Holding Group, hoping that Geely will produce Ssangyong models and sell Geely cards.
In Pawan Goenka's view, localized production in China means that Ssangyong can reduce the price of car sales, and before it enters the US market from scratch, it is more reasonable to expand from the existing market. “The Chinese market is now easier to develop, because Ssangyong has already With a certain foundation, we have grasped some directions, need to achieve local production and update the product lineup. The Chinese market means based on the current, while the US is the future tomorrow. We still need to consider what it will bring to the US market. ”
Boosting overseas sales outside of Korea has become a top priority for Ssangyong, which is closely related to the rapid decline of the Russian auto market, one of its pillar markets. Russia was once the largest export market for Ssangyong, contributing more than 20% of export shipments. However, in the past two years, the Russian auto market has fallen sharply with political and economic factors. With the oil price diving, Russian auto sales are almost swaying. Ssangyong is inevitably suffering from it, and its export volume has shrunk dramatically.
According to the data, in 2014, Ssangyong sold 141,047 vehicles worldwide, and more than half of them sold to markets outside South Korea. In 2015, Ssangyong's global sales increased by 2.6% to 144,764 units, but exports accounted for only one-third of the total, which is far from the goal of Ssangyong's initial “60% export in 2015”.
In the United States, Ssangyong has not yet sold a vehicle that meets local regulations. Goenka said: "The US market is not what you want to come. You have to invest a lot of money in product and brand development. Considering that we have many priorities, the plan to enter the US has been postponed, but it has not been terminated."
A hard time in China
Goenka did not give details of the negotiations with Chinese companies, but it is not easy to establish a foothold in the Chinese market. At present, Ssangyong is promoting the model lineup renewal plan, and will invest 1 billion US dollars to build a new car in a few years. Ma Hengda is counting on Ssangyong's new generation Tavila compact SUV to help sales in China climb. Currently, miniaturized SUVs are hot in China, and Tavira has already achieved strong demand in the Korean market.
In addition, at the Geneva Motor Show opened last week, Ssangyong brought the SIV-2 concept car. The SUV will be available in a five-seat layout that is the same size as Nissan. The on-board 48-volt micro-hybrid system includes a 1.5-liter turbocharged petrol engine and a small electric motor that is fitted with a lithium-ion battery; the body has a lightweight body frame, a low center of gravity design, and the chassis and suspension system can Further adapt to new energy powertrains, including heavy hybrid systems, plug-in hybrid systems and even pure electric systems. As the current main force Tivala tends to be larger, the new car can better cater to the high rise of Europe and other regions.
The situation in the Chinese market may be consistent with Ssangyong's low-price product strategy, but there are also unfavorable factors. First, almost all mainstream car companies have set up joint ventures in the Chinese market to achieve domestic production, and the competition is fierce. Second, the growth rate of China's auto market has also slowed down in recent years. The third is that China's auto production capacity is becoming saturated, and the government no longer makes it easy. Foreign-funded car companies pass the joint venture threshold.
For Ssangyong, it is difficult to occupy a place in China where joint ventures are located. Who is the most suitable partner for Ssangyong? This is also a problem.
The identity and cost of imported cars have made Ssangyong unable to expand in China so far. In 2015, China's auto market sales increased by 3% year-on-year to 24.6 million units, while Ssangyong sold 2,460 vehicles, accounting for only one-tenth of the market share, which was almost 80% lower than the 11,976 units in 2014.
Goenka admits: "It is true that the Chinese market is slowing down." But it still hopes, "but if we can get a favorable price, we will benefit from it."
Qualifications, partners, competing products... China is difficult, but not domestically, it is impossible to talk about expanding the scale. Ssangyong's SUV products are in line with the Chinese market's consumption propensity, but the "looking beautiful" coincidence will be subject to multiple factors. Can Ssangyong, also from the eastern continent, gain momentum in the country of the dragon?

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