Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.
Mahindra, KB to set up auto financing firm
By Park Jin-hai
Mahindra Group, the biggest shareholder of Ssangyong Motor, will join with KB Financial Group to establish a joint auto financing firm for customers of the local car firm, according to officials from KB Financial Group.
Mahindra Finance and KB Capital will invest 20 billion won in the new financing firm, with Mahindra accounting for a 51 percent stake and KB the remainder.
The auto financing entity will begin services for domestic Ssangyong customers, but later plans to target the Southeast Asian market.
Mahindra expects there to be synergy between the two entities because the Indian firm sells its cars in this market.
Mahindra Group bought a 70 percent stake in Ssangyong Motor in 2011, investing 525.5 billion won.
Since then, Ssangyong’s sales have significantly increased. Its sales have more than doubled in Korea over the past four years to nearly 70,000 last year from 32,459 in 2010.
Ssangyong’s popular compact SUV Tivoli also has been increasing the company’s sales.
However, the lack of its own auto financing firm has been regarded as a major weakness.
“If we have our own auto finance firm, it will prop up our local sales since we can offer a one-stop service where auto sales and financing can happen at once,” said a Ssangyong Motor official.