SsangYong Motor Co., a cash-strapped South Korean carmaker, said Wednesday it will suspend production for two days due to disruption of parts supplies from its contractors.
The carmaker said it will halt operations at its factory in Pyeongtaek, south of Seoul, on Dec. 24 and Dec. 28, as five contractors, including Hyundai Mobis Co., S&T Dynamics Co. and LG Hausys Ltd, refused to supply auto parts.
Ssangyong Motor said it is negotiating with its contractors and will resume operations on Dec. 29.
Their move came two days after the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd. filed for court receivership due to its 315.3 billion won (US$285 million) in overdue debt to financial institutions at home and abroad.
Main Photo: The logo of South Korean car manufacturer SsangYong . EPA/IAN LANGSDON
Via Reuters/Yonhap
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