South Korean SUV-maker Ssangyong Motor Co. Ltd. needs a partner for long-term viability in an increasingly competitive industry, the company’s CEO tells local reporters. Ssangyong, once part of the Daewoo Group, now finds itself with $1 billion of debt, despite a 2003 jump in profits of 84%, to $495 million, on cost-cutting efforts and a boom in SUV sales in South Korea. First-quarter 2004 profits tumbled 76% vs. year ago, to $34.3 million. The SUV-maker, which has a sales target of ...
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