Mahindra & Mahindra (M&M) plans to focus on developing the Ssangyong brand, for which the company has completed all formalities related to the acquisition of 70% stake in Ssangyong Motor Company and is planning to invest in the company with a big push on the investments in R&D.
Pawan Goenka, the president of Mahindra's automotive and farm equipment sector, has been appointed as the Chairman of the Ssangyong Motor as he shares Mahindra’s more on the way forward.
M&M plans to give the highest priority to product development as the Korean SUV majors' pipeline of products is not very strong. Fresh recruitment will be done in critical areas such as R&D as Ssangyong lost people in the last two years.
The Korean auto major will invest over Rs 960 crore this calendar year on product development and brand building. Ssangyong has targeted sales of 1.21 lakh vehicles in 2011 against the 82,000 sold in 2010. Ssangyong intends to bring its Rexton and the Korando C to the Indian markets and will be assembled at its new Chakan facility.
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