SsangYong Motor to sell Pyeongtaek plant site in rehabilitation efforts

SsangYong Motor will sell its 850,000 square meters plant site in Pyeongtaek as part of self-rescue efforts, according to the local government.

The plant, which was constructed in 1979, is valued at 900 billion won.

The city government of Pyeongtaek has signed a memorandum of understanding with the court-appointed manager of SsangYong and its labor union regarding the sale of the site.

The debt-ridden automaker has been under court receivership since April after its Indian parent Mahindra & Mahindra failed to sell a 75 percent stake in it.

SsangYong will receive administrative support construction and relocation from the city government when it builds a new factory in Pyeongtaek.

Jung Jang-seon, mayor of Pyeongtaek, vowed to support SsangYong Motor to grow into a global company that contributes to the local economy.

The new plant that Ssangyong intends to put up will focus on manufacturing green and self-driving cars, according to Chung Yong-won, the court-appointed administrator.