The new owner of cash-strapped carmaker Ssangyong Motor will likely be decided later this month. 

According to sources in the auto industry, the automaker and an accounting firm in charge of the firm's sale plan will pick a preferred bidder and a runner-up bidder and notify them mid-week next week.

Ssangyong Motor is currently reviewing the proposals from potential buyers to select a preferred bidder, focusing on their finances and investment commitments.

Among major candidates, a consortium led by Electrical Life Business and Technology(EL B&T) reportedly offered a figure in the lower 500 billion won range to acquire the financially-troubled carmaker. 

The Edison Motors-led consortium and INDI EV reportedly proposed a sum in the upper 200 billion won and lower 100 billion won ranges, respectively. 

SsangYong expects to sign a binding memorandum of understanding by early next month and conduct due diligence for two weeks. 

With the potential buyers all being EV-related firms, Ssangyong is reportedly hoping to revamp its business portfolio to focus on electric vehicles.