[Asia Economy Reporter Hyunseok Yoo] In the acquisition battle for Ssangyong Motor, the Edison Motors-Semisysco consortium and the EL B&T consortium are gaining attention.
According to industry sources on the 17th, three parties submitted acquisition proposals in the final bid for Ssangyong Motor, which closed on the 15th: the Edison Motors-Semisysco consortium, electric vehicle manufacturer EL B&T, and IndiEV.
The strength of the Edison-Semisysco consortium lies in owning the three core technologies of electric vehicle manufacturing independently. Additionally, Edison Motors’ largest shareholder acquiring Semisysco, the only domestic manufacturer of compact electric vehicles, and starting passenger car production is considered a major advantage.
Semisysco recently acquired shares in Edison Motors and is strengthening mutual cooperation to create synergies in finance and technology while also supporting fundraising for the Ssangyong Motor acquisition. A Semisysco official explained, "Edison Motors not only independently possesses the three core technologies of electric vehicle manufacturing (battery, motor, electronic control) but is also a domestic electric bus manufacturer with expertise in complete vehicle manufacturing and sales."
Moreover, the consortium’s partners?KCGI, Keystone PE, and TG Investment?have strong fundraising capabilities and receive full financial support from numerous investment institutions, which is a significant competitive edge. The official emphasized, "The greatest strength is the outstanding management ability of Edison Motors’ CEO Kang Young-kwon. CEO Kang proved his management skills by turning the eco-friendly electric vehicle division of Korea Fiber, which had been struggling with losses for years after being sold to China, into profitability within three years, and he has since been leading the domestic electric bus market."
Edison Motors’ biggest goal is to develop 30 new electric vehicle models by 2030, starting with 10 models in 2022, and to produce electric vehicles that can confidently compete with global automotive companies such as Volkswagen and Toyota.
EL B&T formed a consortium with Cardinal One and Pavilion PE to participate in the final bid for Ssangyong Motor. EL B&T is a company possessing core electric vehicle technologies and securing export markets in the Middle East and Southeast Asia. This consortium plans to normalize operations from the first year of acquisition.
In the electric vehicle sector, EL B&T’s core electric vehicle technologies will be transferred to Ssangyong Motor, and semi-finished and finished products will be exported through Ssangyong starting next year. The plan is to reduce electric vehicle development and R&D costs by transferring existing technologies to Ssangyong. Additionally, in the internal combustion engine vehicle sector, Cardinal One will begin full-scale sales from 2023 through its 135 sales channels in the United States and Canada.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
