Mahindra-backed Korean carmaker SsangYong revealed teaser images of E100 (Tivoli EV), which is likely to make for eXUV300 in India.
M&M showcased the concept of eXUV300 electric SUV at the Auto Expo. SsangYong Tivoli, sold in the global market, shares its same platform with XUV300.
The electric subcompact SUV is scheduled to be launched in the first half of 2021. Mahindra had also informed a similar timeline for the launch of eXUV300.
The overall design is based on a streamlined line that reflects aerodynamics optimized for urban driving. Aluminum hood was applied to lighten weight and optimize the center of gravity while a closed radiator grille was used to maximize energy efficiency, the company said in a release.
The Korean carmakers, however, have not divulged any details about the car.
SsangYong is 74.65% owned by Mahindra and Mahindra. SsangYong is burdened with high debt and reported its 13th consecutive quarterly operating loss in January-March. It suffered from sluggish sales even before the spread of COVID-19 due to a tough competition in the sports-utility vehicle (SUV) market. Reports indicate Mahindra was willing to let go of its ownership stake in SsangYong.
Mahindra’s relationship with the Korean carmaker has also suffered recently, due to the losses it is making abroad. For this reason, Mahindra & Mahindra (M&M) has decided to stop any further investments in SsangYong Motors. The company is also said to be aggressively looking for an investor and has not ruled out completely exiting from its South Korean subsidiary.