The South Korean unit of the largest Chinese automaker Ssangyong Motor, filed for bankruptcy protection on Friday, which makes it the first major player in the autoindustry to receive a destructive blow as demand for new cars plunged and the global economic crisis strangled all credit.

Although there is talk about potential restructuring and potential investors, “Ssangyong will find it hard to find new investors, since demand for its main products, such as SUVs and oil-guzzling big sedans, will not improve in the next two or three years” says Chong Yon Yo, an analyst at Woori Securities.

Ssangyong sold a total of 92,665 vehicles last year which represented nearly 30% less than the previous year.