SEOUL -- Debt-laden South Korean automaker SsangYong Motor named a group led by a six-year-old electric vehicle startup as its preferred bidder on Wednesday, as it seeks to make a fresh start under a new owner.
SsangYong said it chose the Edison Motors-led consortium, which includes a South Korean investment fund, based on such factors as the offer price, its members' fundraising strength and future plans. The deal is estimated to be worth about $260 million, according to industry sources.
