Ssangyong Motor Company said it had signed a final contract to export 170,000 semi knocked down (SKD) kits to a Saudi Arabian distributor by 2030, as the South Korean automaker’s recovery from technical bankruptcy and court protection continued to gather pace.
Ssangyong signed a preliminary agreement last January to supply vehicles to Saudi National Automobiles Manufacturing Company over a seven year period starting in 2023.
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The final agreement provides for Ssangyong to supply three variants of the new Rexton SUV range for SNAM to complete the final assembly process at a new plant currently being built in the port city of Al Jubail.
Around 30,000 SKD kits will be shipped each year from South Korea from 2023; new business which will be welcomed by the South Korean consortium led by KG Group that is scheduled to complete the acquisition of Ssangyong in October.
The automaker sold 68,926 vehicles in the first eight months of 2022, up 23% year on year, after volume fell 22% to 84,106 units in full year 2021.
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By GlobalData
