SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Friday its fourth-quarter net losses widened from a year earlier due to weak sales amid the coronavirus pandemic.
Mahindra acquired a 70 percent stake in SsangYong for 523 billion won in 2011 and now holds a 74.65 percent stake in the carmaker.
The Indian parent reportedly has been in talks with HAAH Automotive Holdings, Inc., a California company that imports vehicles for the U.S. market, to sell the Korean unit.