The chairman and CEO of Edison Motors said the company believes that its recently acquired subsidiary SsangYong Motor could reach 10 trillion won in sales by 2030.
Chairman Kang Young-kwon said at an online press event on Friday that SsangYong could manufacture 200,000 units to 300,000 units of vehicles per year if it applies three shifts in production.
Out of the three productions lines SsangYong has, one of the lines will be converted for the production of hybrid electric vehicles, which will increase the company’s competence, Kang said.
SsangYong will aim to reach 200,000 units in vehicles sales, including both combustible engine cars and hybrid, within the next one to two years, Kang said, which will return it to profitability.
Edison Motors, SsangYong Motor and Semisysco combined will launch 10 models of electric vehicles next year, 25 models in 2025 and 30 models in 2030, the chairman said.
Edison Motors had sold over 2,500 units of electric buses and has its own technologies in battery management system, vehicle control unit and others that it can apply to SsangYong, the chairman said.
Edison Motors can develop five models of electric vehicles with just 100 billion won in spending, Kang claimed.
It will convert existing combustible car model brands owned by SsangYong into electric ones, he said.
Edison Motor is planning to secure the 1.5 trillion won needed to complete its acquisition of SsangYong through share offerings to secure 200 billion won, its consortium with KCGI and Keystone PE for the 800 billion won and the remainder it is looking for government support or foreign investor, Edison Motor said.
Kang said the company was looking for various ways to procure the funds.