Ssangyong Motor CO (SYMC), which is the fourth largest auto maker of South Korea has invested USD 320 million in Tivoli project and would pump in approximately USD 920 million in the next three years on various activities to further enhance its position in the market.
"Ssanyong has invested 700 billion won since its M&A (with Mahindra) and would put one trillion won (USD 920 million) in next three years," said Ssangyong Motor Co Chairman of BOD P K Goenka.
Tivoli is the first product to come out of the SYMC stable after Mahindra & Mahindra acquired 70 percent controlling stake in 2011.
The company has launched four versions powered by 1,597 CC petrol engine with price ranging between 16.35 million won (USD 15,000) to 23.47 million won (USD 21,500). The diesel engine based models would come in July.
"Tivoli is a strategic global model which SYMC has developed with great devotion in the past four years after the acquisition. It will be a cornerstone for the company to become a global SUV maker," SYMC CEO Yoo-il Lee said.
The company is expecting to produce annually over 1,00,000 units of the SUV.
"As SYMC's first compact SUV with 1.6 litre engine and on a platform that will achieve 1,00,000 units of annual production, Tivoli will be a solid driver for SYMC's turnaround and mid-to-long-term development strategy," he added.
Tivoli is loaded with modern safety technologies such as seven airbags and 71.4 per cent of high strength steel, the company said.
Globally, consumers are preferring its compact SUV due to its performance, fuel economy, practicality and price competitiveness, he said, adding SYMC relies on its new model to meet such demands while solidifying its position as a leading SUV maker, he added.
Commenting on the launch, Mahindra & Mahindra group Chairman Anand Mahindra said, "The Tivoli marks a significant new milestone in the growing partnership between Mahindra and Ssangyong. This new SUV epitomises the spirit of 'Korea Can Do' and reflects Ssangyong's rich legacy of innovation in product development. We are confident that the Tivoli is poised to drive Ssangyong's growth in the future."
He assured that the group was committed for the long term growth of SYMC.
"It is not just a portfolio investment or to acquire technology but it was a long-term investment. Ssangyong is determined to go global and it would succeed. We are here for long term. We are not quitters. We would fulfill Ssanyong's destiny," he said.