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South Korea’s Ssangyong Motor Co Ltd on Sunday said it has approved the use of a 40 billion won ($32.86 million) special fund raised by its biggest shareholder to help ease liquidity concern amid cooling demand due to the coronavirus.
Ssangyong Motor in a statement said its board approved the use of the fund at a meeting on Friday, and that it will use it to resolve imminent liquidity issues and to relieve market concern.
Last week, Mahindra and Mahindra Ltd scrapped a $423 million investment plan in its struggling South Korean unit as automakers save cash to ride out the coronavirus crisis.
The Indian automaker said it would consider a special one-time infusion over the next three months to help SsangYong continue operating while it finds other sources of funding.
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