SsangYong Motor announced plans to launch its first electric vehicle (EV) in the fourth quarter of 2021 as it looks to rebound under a major self-rescue cost-cutting programme.
The struggling South Korean automaker, which has been under court receivership since April after declaring bankruptcy in December 2020, said it had already started production of the battery-powered Korando Emotion.
The company said it would target European markets first, with deliveries to dealers expected to begin in October, followed by domestic sales later in the quarter.
Ssangyong also confirmed a second, larger battery-powered SUV model was scheduled to be launched in 2022, as the company looks to tap into growing global demand for zero-emission vehicles.
Ssangyong hopes new EV models and its far-reaching cost-cutting programme will help it remain in business in the current challenging business environment.
Earlier this week, Ssangyong said half of its workers would go on unpaid leave for two years from the beginning of July while those that remain have accepted pay cuts as part of the company’s self-rescue plan.
The company’s global sales declined by over 19% to 31,660 vehicles in the first five months of 2021.