The head of U.S.-based vehicle importer HAAH Automotive Holdings Inc. has said the company is set to submit its letter of intent this week to acquire SsangYong Motor Co., industry sources said Sunday.
China-based SAIC Motor Corp. acquired a 51 percent stake in SsangYong in 2004 but relinquished its control of the carmaker in 2009 in the wake of the 2008-09 global financial crisis.
In 2011, Mahindra acquired a 70 percent stake in SsangYong for 523 billion won and now holds a 74.65 percent stake in the SUV-focused carmaker.