Ssangyong Motor Co., a local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said Tuesday it is in the process of investing 1 trillion won ($941 million) to develop new vehicles that will bolster the company’s market competitiveness.

South Korea’s fourth-largest automaker said it will generate the necessary funds in-house to launch three new vehicles in the coming years.

The company said last year it will inject around 200-300 billion won until 2017 to launch the all new X100 compact crossover utility vehicle and a few other models that can refresh the carmaker’s lineup.

The X100 is in the final stage of development and is expected to reach consumers next year with Ssangyong pouring money to build the necessary assembly line.

The investment plan was confirmed after a meeting between South Korean President Park Geun-hye and Mahindra & Mahindra’s chairman late last week in India. (Yonhap News)