South Korea's 5th largest automaker, Ssangyong Motor Co., has gone bankrupt

The US automakers are not the only ones that have been hit hard by the high price of gas last year followed by the global economic meltdown. According to CNN, South Korea's 5th largest automaker, Ssangyong Motor Co., has gone bankrupt due to the global economic crisis. The credit crunch has impacted the automaker and higher gas prices affected the sales of the SUVs that the company produced. Vehicles sales were down for the company by 30% last year.