Ssangyong Motor auto sales plunge 69% in Feb

Ssangyong Motor Co., which secured bankruptcy protection in January, said Monday that its sales plummeted 69.4 percent last month as demand was wilted by weaker consumption and tight credit.
 
Ssangyong, 51% 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.