Ssangyong Motor Company is still struggling to gain traction after it ceased production late last year and slipped into receivership earlier this year. It restarted its production lines in February, but even the company director, Lee Yu-Il, says volume is still far too slow. To deal with matters, Gasgoo reports that Ssangyong is letting go of 2,700 workers, representing 37% of its workforce.
Yu-Il said the struggling Korean firm will run out of money at the end of June, and will need 100 billion won ($75 million US) if the company is broken up -- which makes us wonder how much the company needs to stay in business and question who would supply such funds in the face of a 50% drop in sales. With majority stakeholder SAIC refusing to get involved, Ssangyong's future is looking decidedly bleak.
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