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Worldwide Automotive Window & Exterior Sealing System Industry to 2026 - Growing Inclusion of Electric Vehicles Globally Presents Opportunities
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Worldwide Automotive Window & Exterior Sealing System Industry to 2026 - Growing Inclusion of Electric Vehicles Globally Presents Opportunities
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US-based HAAH Automotive Holdings to acquire Ssangyong
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Print
HAAH’s Duke Hale is making a bid to import vehicles from SsangYong, such as its Tivoli.
LOS ANGELES HAAH Automotive Holdings decision to give up trying to import Chinese cars to U.S. showrooms is the latest in a history of would-be distributors that have underestimated the difficulty of such an endeavor.
But HAAH s failure also is likely to dampen future attempts by others at least in the current political climate.
HAAH CEO Duke Hale told
Automotive News that his seven-year labor proved impossible, given rocky U.S.-China relations. In addition to growing political and economic skirmishes between the two nations, Chinese vehicles now bear a 27.5 percent tariff to enter the U.S.
Synopsis
Mahindra & Mahindra’s 75 percent ownership in Ssangyong will reduce and HAAH Automotive Holdings is expected to become the largest shareholder with a 51 percent controlling stake by purchasing new shares worth $250 million.
Agencies
SsangYong filed for court receivership in December 2020, and the court decided the autonomous restructuring support (ARS) programme before putting it under rehabilitation.
Cash strapped SsangYong Motor Co. is understood to have made an advance payment of 140 million won ($123,806.15) required to start a prepackaged or standard bankruptcy procedure to Seoul’s bankruptcy court, according to Korean media reports.
This experts say is to fast track the sale process to the potential suitor HAAH Automotive Holding before the end of this month.