Ssangyong Motor says to invest $263 mln in new vehicles

Newswire

SEOUL, Feb 29 (Reuters) - Ssangyong Motor Co , in which India's Mahindra & Mahindra Ltd is a majority shareholder, said on Wednesday that it planned to invest 295.8 billion won ($263.05 million) to develop premium small crossover utility vehicles (CUVs). The South Korean carmaker said in a regulatory filing that it expected the new models to help create new demand and expand sales, without elaborating. ($1 = 1124.5000 Korean won) (Reporting by Hyunjoo Jin; Editing by Jonathan Hopfner)

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