SsangYong to export Tivoli to Middle East, Africa via China

SsangYong Motor Co. will export its Tivoli sport utility vehicle to the Middle East and Africa late this year with the help of Chinese carmaker Songuo Motors Co.

Under the initial agreement to export between the two companies, SsangYong will deliver the knockdown units of its Tivoli SUV to Songuo's plants in China for assembly.

Songuo Motors plans to use the Tivoli platform to develop its vehicle and produce 60,000 units of the model a year at its Shandong Province plant.

SsangYong plans to launch an all-electric SUV in South Korea next year to strengthen its SUV-focused lineup.

From January to May, its sales fell 32 percent to 39,206 units from 58,030 in the same period a year ago.

The carmaker's lineup consists of the flagship G4 Rexton, as well as the Tivoli, Korando and Rexton Sports.

Mahindra & Mahindra, which holds a 70 percent stake in SsangYong, is reevaluating its investment plan and may sell a part or all of its shares to another investor.

Geely Auto of China has shown interest, possibly due to SsangYong's SUV-making expertise, according to a market watcher.

Other firms interested in Mahindra's stake are Ford, Vietnam's Vinfast, and China's BYD.