De New York Times
Ssangyong became South Korea’s first high-profile victim of the global crisis Friday just as the country’s central bank cut its key interest rate for the fifth time in three months. The bank worried about domestic economic activity “slackening at a rapid pace.”
Ssangyong, previously owned by South Korea’s Ssangyong conglomerate, faced similar trouble in after the Asian financial crisis that began in 1997.
When SAIC gained control of Ssangyong in 2004 for $500 million, it made headlines because it was the first acquisition of an overseas automaker by a Chinese company.
When SAIC gained control of Ssangyong in 2004 for $500 million, it made headlines because it was the first acquisition of an overseas automaker by a Chinese company.
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