On July 28th, Chinese automotive giant SAIC Motor is set to take a major step in its international expansion by finalizing the acquisition of Ssangyong Motor. According to reports from foreign media, the company is expected to sign a formal agreement on Thursday to acquire a 48.9% stake in Ssangyong Motor, which is valued at around $500 million. This move aligns with the timeline outlined in the memorandum of understanding (MOU) signed between the two parties earlier this year.
SAIC Group spokesperson Xue Hao confirmed that the acquisition process is proceeding smoothly and that all steps are in line with the agreed-upon schedule. Meanwhile, Ssangyong Motor’s spokesperson, Kim Beom Seok, revealed that SAIC's leadership will visit two of Ssangyong’s production facilities from Monday to Thursday, signaling increased engagement and commitment to the deal.
Chaoxing Bank, one of Ssangyong’s largest creditors, has also confirmed that the agreement will be signed on Thursday. The bank emphasized that SAIC was chosen as the preferred bidder due to its strong financial offer, favorable terms, and clear plans for future development. In addition to acquiring the stake, SAIC has pledged to maintain and enhance Ssangyong’s existing operations in South Korea and explore opportunities for expanding into new markets, including China.
Industry analysts believe that if the deal goes through, SAIC will become the first Chinese automaker to acquire a foreign automotive company. This acquisition could significantly boost SAIC’s technological capabilities and accelerate its own-brand vehicle production. It also offers Ssangyong a chance to strengthen its presence in the Chinese market, which is one of the world’s largest auto markets.
The deal comes after several months of negotiations, during which another state-owned company, Bluestar Group, had initially secured preferential bid rights but later withdrew due to pricing disputes. SAIC eventually won the bid in July, beating out a U.S. pension fund. The company also assured Ssangyong’s labor union that current employees and management would remain in place post-acquisition, addressing concerns about job security and employee welfare.
This landmark transaction marks a significant milestone in China’s growing influence in the global automotive industry. As SAIC moves forward with the acquisition, it sets a precedent for other Chinese firms looking to expand internationally through strategic mergers and acquisitions.
Wheel Excavator
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Features
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After-sales service
1. Warranty period
Provide an ultra-long warranty period of 2 years or 3000 hours. During the warranty period, if there are defects in the design or manufacturing of the excavator parts, ZUT will repair or replace the defective parts for free.
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We will provide regular inspection services for customers. The specific inspection time nodes and other information may vary according to different regions and specific situations, but this is an important measure for ZUT to ensure the normal operation of equipment and the interests of customers.
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The time limit for on-site after-sales service is to respond within 24 hours after receiving the repair request to ensure that problems can be solved for customers in a timely manner.
In some remote areas without after-sales points, ZUT promises that customers can repair at local repair shops that they consider reliable. The company will bear the maintenance costs during the warranty period to ensure that customers can obtain maintenance services as soon as possible.
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If customers encounter any technical problems during use, they can contact ZUT's after-sales team at any time to obtain professional technical support and guidance.
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ZUT guarantees to provide original factory spare parts to ensure the quality and adaptability of spare parts to meet the maintenance and repair needs of customers. And it will establish an efficient spare parts supply system to shorten the supply time of spare parts as much as possible and reduce the downtime of customers.
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