Ssangyong Motor Co. said Wednesday it will downsize its business operations and cut executives' wages by up to 54 percent in a bid to quickly conduct procedures for court receivership.
Ssangyong, a unit of China's Shanghai Automotive Industry Corp. (SAIC), was placed under court receivership on February 6, whereupon SAIC lost management control of Ssangyong, but retained its 51 per cent stake in the company.
Ssangyong plans to increase its sales by integrating and downsizing its business operations, the company said.
The ailing automaker also predicts it will cut its annual costs by up to 4 billion won (US$2.7 million) by slashing its executives' pay from 20-54 percent and reducing its welfare system.
