▪ Cooperation agreement to help the company’s conversion to green car development, and the balanced development of Pyeongtaek city

▪ Existing factory site to be sold in parallel with the construction of the new factory to produce future SsangYong vehicles including green and autonomous cars

SsangYong Motor has announced it has signed a cooperation agreement with Pyeongtaek city for the relocation of its Pyeongtaek plant to focus on green car production.

The agreement is designed to help accelerate the business conversion to green car development, to create local employment, and to promote sustainable development between the parties through close cooperation.

The company plans to promote the sale of its current factory site and construct the new factory at the same time to prevent interruption of production during the factory relocation.

SsangYong will build its new hi-tech vehicle factory to produce green and autonomous cars to take the business forward and ensure its long-term survival. The move is also expected to contribute to the creation of new jobs in Pyeongtaek and the growth of the regional economy. In addition, the two parties working on the plant relocation intend to develop a working group council to ensure the cooperation of all those involved.

SsangYong Motor is embarking on this step to strengthen its manufacturing competitiveness and respond to changes in the automotive industry, which include the growing demand for environment-friendly and autonomous vehicles.

Said Yong-won Chung, the receiver of SsangYong Motor Company: “This is an extremely positive step for the company, and will help us move forward positively. We will be able to unlock the value of our current location, while developing a new state-of-the-art production plant making the cars of the future.”

Replied Jang-Seon Jung, the mayor of Pyeongtaek city: “We are delighted to be working closely with SsangYong to both help the company establish its future manufacturing base here while securing employment and confirming the city as forward thinking and collaborative with industry.”

After passing through its self-rescue plan, SsangYong Motor has entered a full-scale M&A process which was officially announced in the media on June 28. <Ends>