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US firm HAAH to acquire debt-ridden SsangYong Motor: Report


US firm HAAH to acquire debt-ridden SsangYong Motor: Report
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US firm HAAH to acquire debt-ridden SsangYong Motor: Report. Image Source: IANS News
Seoul, July 25 : The head of US-based vehicle importer HAAH Automotive Holdings has said the company is set to submit its letter of intent (LoI) next week to acquire the debt-ridden SsangYong Motor Co, industry sources said on Sunday.
SsangYong s Indian parent Mahindra & Mahindra Ltd had been in talks with HAAH to sell its majority stake in the Korean unit since last year as part of its global reorganisation plan amid the Covid-19 pandemic.
In 2011, Mahindra acquired a 70 per cent stake in SsangYong for 523 billion won and now holds a 74.65 per cent stake in the SUV-focused carmaker. ....

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Why HAAH's plan to import Chinese vehicles collapsed


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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. ....

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HAAH CEO Duke Hale pivots to Korean auto import plan


Duke Hale
LOS ANGELES The founder and CEO of HAAH Automotive Holdings, Duke Hale, has formed a new company that intends to make a bid for ailing Korean automaker SsangYong Motor Co., Hale told
Automotive News.
HAAH this week announced that it had abandoned plans to import Chinese cars to the U.S. and would file for bankruptcy liquidation. Hale said he could not provide further information on the bankruptcy filing, including the filing date, on advice of legal counsel.
Should Hale s new investor group be successful in its bid for SsangYong, Hale said that bringing its vehicles to the U.S. and Canadian markets from Korea would likely be part of the business plan for the automaker. ....

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