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[Alpha Biz=(Chicago) Reporter Paul Lee] KG Mobility (formerly Ssangyong Motor) has virtually been confirmed as the final buyer of electric vehicle maker Edison Motors.
According to KG Mobility on the 29th, the main bid for the merger and acquisition (M&A) sale before Edison Motors' approval for corporate rehabilitation ended the previous day, but the acquisition process is expected to begin in earnest as no bidders other than KG Mobility appear.
KG Mobility will soon submit Edison Motors rehabilitation plan to the Rehabilitation Court (Changwon District Court). KG Mobility will be finalized as the buyer once the court approves it and stakeholders such as creditors and shareholders approve it.
KG Mobility plans to expand domestic and overseas sales through the acquisition of Edison Motors, which produces electric buses. As demand for Chinese electric buses has recently been growing in the domestic electric bus market, the company intends to immediately respond to market demand with domestic electric buses. Edison Motors has a production plant in Hamyang, Gyeongsangnam-do, and a factory site in Gunsan, Jeollabuk-do. It is also expected that KG Mobility's electric car production line will be expanded through the use of the Edison Motors plant site.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
