Edison Motors and two others have submitted bids for Ssangyong Motor Company (KOSE:A003620), the deal's lead manager said September 15, 2021. An official at EY Hanyoung accounting firm confirmed the Edison Motors-led consortium and two other bidders - another local consortium led by EV firm Electrical Life Business and Technology (EL BT), and Los Angeles-based EV maker INDI EV, Inc. - joined the auction to acquire the financially-troubled carmaker. The Edison consortium will set up a special purpose company to raise KRW 800 billion to KRW 1 trillion ($684 million-$855 million) to acquire SsangYong and starting next year, increase capital by issuing new shares to achieve turnaround within three to five years, Edison Chairman Kang Young-kwon said in a statement. Edison aims to transform the SUV-focused SsangYong into an EV-focused carmaker in the next decade in line with changes in the automobile market. That's why the KCGI Co., Ltd. fund joined the consortium that Edison Motors formed with Keystone Private Equity Co. and other financial investors to buy SsangYong in the auction. KCGI Chief Executive Officer Kang Sung-boo said in August 2021 the homegrown fund decided to join the consortium, as it agrees with the Edison chairman's vision. EL BT and INDI EV could not be reached for comments.