SsangYong and BYD have signed a technological partnership contract for the development of electric vehicle batteries and the manufacturing of battery packs. The China-Korean partnership will supply the batteries designed to power SsangYong’s first EV model, “U100,” under development for mass production from 2023. Besides, SsangYong and BYD plan to expand the cooperation into developing battery packs and EV-only production platforms. It is reported that BYD’s wholly-owned battery manufacturer FinDreams Industry Co., Ltd. will participate in the battery development project.

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In December 2020, Ssangyong filed for bankruptcy, reportedly owing some 315 billion Korea wons to its creditor, and was ordered to restructure itself by a bankruptcy court. The Korean auto major, which is 75% owned by Mahindra, has been under court receivership since April after failing to rollover loans worth $148 million from creditors such as the state-run Korea Development Bank (KDB) and several other banks.

SsangYong is currently under court protection and in the process of being taken over by Edison Motors. Edison Motors is a company making electric trucks and buses. The automaker plans to introduce a Smart S to battle everything from the Mercedes S-Class / EQS to the Tesla Model S. Edison Motors says it will have a tri-motor powertrain and a 100 kWh battery pack that will allow for a range over 497 miles (800 km). Upon acquisition, Edison Motors plans to expand the EV lineup to 10 new models by 2022, 20 models by 2025, and 30 by 2030.