The Renault-Nissan Alliance is already making significant in-roads into the electric vehicle market – and now it may be about to become an even greater force in the market.
The company has submitted a letter of intent to acquire South Korean automaker Ssangyong Motor Company with a Renault spokesman informing Dow Jones newswires that its bid is one of six that have been shortlisted by the company. Ssangyong selected six bidders to conduct due diligence so they can decide whether to submit binding bids next month.
A senior Nissan official commented that Ssangyong has the industrial capacity that could be used by the Alliance to feed the strong demand in South Korea and other fast growing markets in South East Asia despite the fact that it has been under court-led bankruptcy protection since early 2009 after suffering cashflow problems.
Ssangyong Motor is currently South Korea’s fourth largest car maker.
