Ssangyong Motors resumed operation of the factory with the resumption of supplies from some companies that stopped supplying parts due to concerns about non-payment, but it is known that it is unclear whether or not the factory will operate in the new year after parts are exhausted.
Prior to this, Ssangyong Motor Co., Ltd., on the 24th due to refusal of supply from five suppliers including Hyundai Mobis (head lamp), S&T Heavy Industries (axle assembly), LG Hausys (bumper), Borg Warner Ochang (T/C assembly), and Continental Automotive (combi meter) On the 28th, production at the Pyeongtaek plant was stopped for two days. Among them, Hyundai Mobis and S&T Heavy Industries resumed supplying parts from the 29th, and LG Hausys also temporarily resumed supply. However, the rest of the companies have not resumed delivery normally.
Ssangyong Motor plans to operate the Pyeongtaek plant normally by the end of the year after receiving inventory as soon as possible. This is because, for existing contracts, suppliers have decided to supply stocks so that cars can be delivered to consumers. However, if the suppliers do not continue to supply parts, normal operation in the new year cannot be guaranteed. The plant can be operated with this quantity until 31 days.
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Earlier, Ssangyong Motor applied for court management to the Seoul Rehabilitation Court, and the court agreed to hold the decision to commence the rehabilitation procedure until February 28 of next year, accepting the autonomous restructuring assistance (ARS) program requested by Ssangyong Motor. However, if the plant is shut down due to a supply disruption in parts, it is not possible to earn time through the ARS program. At the beginning of the rehabilitation procedure, it can be concluded that Ssangyong Motor has a higher liquidation value than its regeneration potential. In this case, Ssangyong Motor should repay its debts by selling the site of the Pyeongtaek plant. The Korea Development Bank gave Ssangyong Motor a loan and secured the Pyeongtaek and Changwon plants as collateral, but if the debt could not be paid off, the mortgage was disposed of to obtain the loan.
However, even if the rehabilitation process is initiated, the public opinion of the industry is that it is unlikely that a decision to liquidate Ssangyong Motor will come. An official from the automaker said, “Considering the Ssangyong Motors union and related parts suppliers, it will not be easy to make a bankruptcy decision because the impact on the local economy is high,” he said. “Because GM’s precedent is not positive, it will recover without external investment or restructuring. This won’t be easy,” he explained.
Reporter Oh Ah-reum [email protected]
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