SsangYong filed for receivership last year, after defaulting on a loan payment of approximately 60 billion won ($53.3 / £38.8 / €44.7 million).

This was the latest in a series of setbacks for the South Korean automaker, and Mahindra has thrown in the towel as they’re looking for an investor to buy out all or part of their stake in the company.

Given SsangYong’s problems, it was unclear if anyone would be interested. However, it appears an unlikely candidate has expressed interest in the firm.

Also Read: Mahindra Looking For An Investor To Take Over Struggling SsangYong Subsidiary

2021 SsangYong Rexton

According to Automotive News, HAAH Automotive Holdings pursued a stake in SsangYong but things apparently stalled after the company “failed to file a letter of intent.” Details are unclear, but reports suggested HAAH was poised to make an investment of $250 (£182 / €210) million.

When asked about their interest in SsangYong, an HAAH spokesperson told the publication they continue to have “discussions regarding several business opportunities in Asia” and added “we cannot comment on those discussions at this time as they are still confidential.”

As a result, HAAH’s interest in SsangYong is unclear. However, the company has been pursuing sales of Chinese vehicles in the United States for years. In 2018, they announced plans sell Zotyes in America with the first slated to arrive in the fourth quarter of 2020.

Vantas TXL

That obviously never happened and the two companies reportedly parted ways. However, HAAH didn’t give up as they announced plans to sell a homologated version of the Chery Exeed TXL under the Vantas name last year. Several months later, they announced the new T-GO brand which is slated to be launched in the United States in late 2022 and assemble vehicles based on Chery’s T1X platform.

Since the company hasn’t announced where these vehicles will be built, Automotive News floated the possibility that HAAH could be interested in SsangYong for that reason. It would also have another benefit as the United States and South Korea have a free-trade agreement, and this would allow HAAH to avoid steep tariffs on vehicles imported from China. The company is said to be considering the latter option for their “first batch” of vehicles, although nothing is official.

That being said, a HAAH spokesperson told the publication they are “reviewing production and on-sale dates for the Vantas VX” and will make an announcement soon.