Ssangyong Motor Co., a part of the $12.5 billion Mahindra Group, has announced its new vision to become the “most innovative and respected Korean automotive company”.

Ssangyong Chairman Pawan Goenka and CEO Lee Yoo-il on Tuesday unveiled Ssangyong's new vision and five-year business strategy in the presence of about 3,300 executives and employees in Pyeongtaek City, Korea.

For achieving its new vision, Ssangyong established its mid- to long-term business goals for 2013 as “Promise 2013”, under which it aims to sell 1.60 lakh vehicles recording revenues of four trillion Won (Rs.16,500 crore) by 2013 and “Aspiration 2016,” by which it plans to sell 3 lakh vehicles recording revenues of seven trillion Won (Rs.29,100 crore) by 2016.

To accomplish these goals, the company will focus on six strategy pillars and these include developing competitive products, increasing global market share and sales, attaining cost leadership, developing next generation technologies, maximising synergy with the Mahindra group and strengthening organisational capabilities.

Ssangyong will launch five facelift models by 2013 and four completely new models by 2016.

It will also develop and launch electric vehicles.

To expand its global market share, Ssangyong will cooperate with Mahindra in strengthening its overseas sales network and advance into fast-growing emerging markets.

To begin with, Ssangyong will commence using Mahindra's existing network in South Africa by March 2012. With Mahindra's assistance, Ssangyong will also move to local manufacture of its vehicles in India and Egypt.

It plans to expand its sales infrastructure in Korea and is affirmatively seeking a way to establish a domestic hire-purchase finance company to be able to provide one-stop financial solution.

With these and other marketing and brand initiatives, the company is targeting a 20 per cent market share in participating segments in Korea.

Ssangyong and Mahindra shall co-operate across the value chain, especially in R&D, product development, purchasing and sales to generate economies of scale for mutual benefit that shall significantly enhance Ssangyong's cost competitiveness. In addition, Ssangyong will implement strategies for targeted reductions in engineering, production and warranty costs using innovation as a key driver.

According to the Chairman, Dr. Pawan Goenka, “Today we have taken a giant step in the march towards reclaiming Ssangyong's rightful place as a key player in the global automotive community”.

The CEO of Ssangyong Motor , Lee Yoo-il, stated, “The goal we have set may be challenging, but given the tenacity and determination of the Ssangyong team, I am sure we will achieve it”.

To launch five facelift models by 2013, four new models by 2016