Ssangyong Motor's auto sales plunge 69.4 pct in February

SEOUL, March 2 (Yonhap) -- Ssangyong Motor Co., which secured bankruptcy
protection in January, said Monday sales plummeted 69.4 percent last month as
demand was wilted by weaker consumption and tight credit.

Ssangyong, 51-percent owned by China's Shanghai Automotive Industry Corp., sold
2,369 vehicles in February, with domestic sales slipping 51.5 percent and exports
plunging 82.7 percent.
The disappointing result underlined difficulties facing Ssangyong's survival, as
consumers have shunned buying cars built by the potentially bankrupt company,
analysts say.
With the bankruptcy protection, the Chinese parent retained its stake in
Ssangyong, but relinquished its management control, ending a five-year of
marriage with the smallest carmaker in South Korea.
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