S Korea's SsangYong Motor sold for $254.6 million to local consortium

A consortium led by South Korean electric automaker Edison Motors has agreed to acquire SsangYong Motor for 305 billion won ($254.65 million), the latter said on Monday. This comes after SsangYong's sales fell to 84,496 units in 2021, about 21% lesser than its 2020 sales, as per a regulatory filing. Indian automaker Mahindra also owns about 75% stake in SsangYong.