Troubled auto maker Ssangyong Motor Company (SYMC) has received nine bids on the final day of submitting letters of intent for its acquisition. These include US-based Cardinal One Motors, the Samra Midas (SM) group and Edison Motors Co.

Ssangyong said in a statement on Friday that many of the bidders want to expand their electric vehicle business.

However, it did not disclose their names.

In April this year, SYMC was placed under court receivership — a mechanism in South Korea where a court decides how to revive a cash strapped company. This came after Mahindra & Mahindra (M&M) failed to find a buyer for the car maker.

Reports had said US-based vehicle importer HAAH Automotive Holdings had backed down on its initial plan to acquire SYMC.

M&M holds 75 per cent in SYMC and last year it had decided to stop investing in the company and reduce its stake to less than 50 per cent or even cede control in full or part.

Quoting officials from the SM Group, Korean media reports said the chemicals to shipping enterprise had submitted an LoI for Ssangyong.

The company had evinced interest in acquiring Ssangyong back in 2010 as well, but got pipped by the Mahindras.

These reports also said that Edison Motors, the electric bus manufacturer, has joined hands with a private equity fund to jointly bid for SYMC.

Cardinal One Motors is also understood to have submitted an LoI. Duke Hale, who leads Cardinal One Motors, had founded HAAH Automotive Holdings earlier to import vehicles into the US.

However, it had filed for bankruptcy because of growing US-China tensions. and he set up Cardinal One Motors to implement the plan of acquiring SsangYong.

Switch Mobility

Switch Mobility, the electric commercial vehicles arm of Ashok Leyland, on Friday said Dana Incorporated, a global leader in drivetrain and e-propulsion systems, has picked up 1 per cent stake in it for $18 million.

Switch Mobility has signed a strategic agreement with Dana under which the latter will also be a preferred supplier of electric drivetrain components for its e-bus and EV commercial vehicle offering, including e-axles, gearboxes, motors, inverters, software and controls, and electronics cooling, the company said in a statement.