Mahindra scraps SsangYong investment plan due to COVID-19 crisis

📆 03/04/2020 20:58:00
📰 ChannelNewsAsia

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India's Mahindra and Mahindra Ltd will not invest further in its struggling South Korean unit SsangYong Motor Co , the company said on Friday, as ...

India's Mahindra and Mahindra Ltd will not invest further in its struggling South Korean unit SsangYong Motor Co , the company said on Friday, as automakers try to save cash in an effort to ride out the coronavirus crisis.

Mahindra also said it has asked majority-owned SsangYong Motor to look for other means of funding as coronavirus-driven restrictions in India exacerbated a slowdown in demand, with Mahindra posting an 88per cent plunge in March sales.

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