Chinese-owned South Korean sport utility vehicle maker Ssangyong Motor on Tuesday said it would stop production for two weeks from tomorrow (16 December) after sales fell.
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Ssangyong, which is 51% owned by SAIC Motor, said the move, which will last until the end of this month, was inevitable due to the worsening domestic business environment, Reuters reported.
It reported a 63% slump in vehicle sales last month as overall domestic car sales by South Korean automakers dropped 27%.
Reuters added that Ssangyong had earlier denied a local media report that mounting losses might wipe out its capital base while SAIC subsequently said it would continue to expand cooperation with the SUV maker.
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