Nissan CEO mulls buying South Korean Ssangyong

• Source: Xinhua
• [09:08 June 24 2010]
• Comments

Nissan Chief Executive Carlos Ghosn speaks during a news conference after the company's annual general shareholders' meeting in Yokohama, south of Tokyo June 23, 2010.

Nissan Motor Co. Chief Executive Officer Carlos Ghosn revealed Wednesday following the shareholder meeting that Nissan and partner Renault SA are considering buying South Korean carmaker Ssangyong Motor Co., to broaden production capacity in the area.

"If the cost of this capacity with Ssangyong is better than expanding the plant operated by Renault in South Korea, we are interested in making a deal around Ssangyong," Ghosn said adding that discussions and analysis of the proposition are ongoing.

Sources familiar with the matter said that seven other automakers are also interested in bidding for the acquisition of Ssangyong Motor Co. which has seen its sales slump during the economic downturn.

Nissan, Japan's No. 3 automaker, returned to profit last fiscal year.