SsangYong Motor Company launched the redesigned Rexton SUV in South Korea this week in the hope of reversing falling sales.

The automaker, owned 75% by Mahindra & Mahindra, said the new model has a two litre diesel engine coupled to an eight speed automatic transmission and advanced features including lane keeping assist, blind spot warning, lane change warning and autonomous emergency braking systems.

The new model, which replaces the outgoing G4 Rexton flagship, is priced at between KRW37m and KRW50m (US$32,000-$44,000) and will be sold alongside the existing Tivoli, Korando and Rexton Sports SUVs.

The company has struggled with mounting losses for some years and its performance has deteriorated significantly this year as a result of the COVID-19 pandemic.

Its global sales in the first 10 months of 2020 declined by over 22% to 84,904 units, while domestic sales were down by over 20% at 70,169 units  in this period.

Mahindra in August reiterated its stated intention to sell its controlling stake in Ssangyong to a new strategic investor, but no news has emerged so far of any potential bid.