Ssangyong Motor to lose $2.2 bln from 18-day plant closure

Ssangyong Motor Co., the South Korean unit of China's Shanghai Automotive Industry Corp (SAIC), said Wednesday an 18-day shutdown of its sole plant here will cause it to lose 2.2 trillion won ($2.16 billion) in lost production.

Ssangyong has shut its auto assembly plant in Pyeongtaek, about 65 kilometers south of Seoul, from July 31 until August 17, to adjust production in reaction to slowing sales.  

"The plant will resume production on August 18," Ssangyong said in a regulatory filing.

Ssangyong, South Korea's smallest automaker, has been hit hard by higher fuel prices because its lineup is dominated by gas-guzzling sports-utility vehicles.