“The Korando C has meaning that goes beyond a product. The vehicle has already received good reviews overseas, and we expect the vehicle to act as the tow car for Ssangyong,” the company’s co-court receivership manager Lee Yoo-il said in the ceremony held on Jeju Island. First introduced in 1974, the name Korando, short for Korean Can Do, is the country’s longest surviving name for an SUV.

“We will effect a lineup renewal and revive Ssangyong’s fame. With the Korando C, Ssangyong has gained not only the means to stabilize the company but the means to grow. The company will strengthen cooperation with Mahindra and by entering the Indian market, we will be born again as a global company.”

This year, the company aims to sell 20,000 units on the local market and ship 25,000 Korando Cs overseas.

From next year, the company hopes to raise the global sales figure to 60,000 units.

The new vehicle is fitted with a newly developed 2-liter diesel engine that puts out up to 181 brake horsepower, and is available with either a 6-speed automatic or manual transmission.

The two-wheel drive version of the vehicle manages 17.6 kilometers per liter with manual transmission, and 15 kilometers per liter with automatic transmission.

The figures for four-wheel drive version come in at 16.4 and 13.1 kilometers per liter with manual and automatic transmission, respectively.

Starting at 19.95 million won ($17,700) and going up to 27.35 million won, the Korando C has a slightly price advantage over the Hyundai Tucson ix and the Kia Sportage R, whose prices go up to or just above 30 million won.

As for the company’s plans, and plans Mahindra has for the company, Lee said that Ssangyong and Mahindra have agreed to focus on five main objectives this year.

“First, they will address the company’s financial difficulties. Secondly, efforts will be made to maximize the synergy effect between the two firms,” Lee said.

“(Mahindra) Will reinforce R&D personnel, and as Ssangyong’s brand image has been damaged during the troubles, the companies will focus on addressing the problem, and finally Mahindra will introduce a performance-based compensation system.”

Lee also said that Ssangyong and Mahindra have agreed to keep the Ssangyong name alive as the brand commands significant recognition in the global market for SUVs.

In addition, the company said that plans for smaller passenger cars remain alive and that it will collaborate with Mahindra to develop small cars to keep pace with the global trend of tightening greenhouse gas emissions.

By Choi He-suk  (cheesuk@heraldcorp.com)