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South Korea's Ssangyong Motor, owned by Mahindra & Mahindra has released more details of its forthcoming all electric SUV.

The new vehicle, developed under the E100 project codename, is scheduled to be launched in South Korea next year.

The battery driven compact SUV will be sold alongside the company's other SUVs, including the G4 Rexton, Tivoli, Korando and Rexton Sports.

The loss making automaker hopes the new electric vehicle will mark a turnaround in its market performance after its global sales plunged by almost 28% to 49,387 units in the first half of 2020 from 68,189 in the same period of last year.

Earlier this year Ssangyong reported its 13th consecutive quarter of financial losses, prompting Mahindra & Mahindra to inject KRW40bn (US$33m) into the company to help it stay afloat through the global pandemic.

But this was far short of the KRW230bn (US$187m) in fresh capital Mahindra said previously was needed over a period of three years to return Ssangyong to profitability.

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By GlobalData

In June, Ssangyong announced the sale of its main service centre in Seoul to local asset management firm PIA for KRW180bn (US$147m) in a sale and leaseback deal to help raise funds.