Troubled Ssangyong Motor Co.’s board of directors met in China on Thursday as the company’s labor union mulled when to count ballots that could lead to a strike.

Ssangyong, which is majority owned by Shanghai Automotive Industry Corp., is believed to be facing a potential liquidity crisis and has already received a cash infusion from its Chinese parent.

But the South Korean company’s labor union, which is opposed to restructuring efforts, voted earlier this week on a strike motion and was awaiting the outcome of the board meeting before deciding whether to count the ballots.

Ssangyong’s board began meeting in Shanghai, the company said in a statement. The prospects for a quick end appeared “difficult” and any announcement wasn’t likely until Friday, the statement said.

SAIC did not immediately respond to requests for comment by phone and e-mail.

News reports have said the carmaker plans to slash more than 3,000 jobs, including half of some 5,200 assembly line workers.

Ssangyong, South Korea’s fifth-largest automaker, is far smaller than domestic industry leaders Hyundai Motor Co. and Kia Motors Corp.

The company’s fate, however, is being closely watched amid fears it could fail if further support from SAIC and its main creditor, Korea Development Bank, isn’t forthcoming.

Worries eased somewhat Monday when Ssangyong announced it had received $45 million from SAIC in late December to help develop new products and improve cash flow.

The company, which has annual production capacity of 200,000 vehicles and 7,100 employees, posted a net loss of 98.1 billion won ($75.42 million) in the first nine months of last year amid weakening domestic demand for SUVs _ Ssangyong’s mainstay vehicles. The company also produces the Chairman luxury sedan.

SAIC has sought the South Korean government’s help to ensure KDB offers new loans to Ssangyong. But a senior official at the state-run lender said last week it won’t provide financial assistance unless SAIC does so first.

Ssangyong’s union finished voting on a strike motion this week and was closely watching the outcome of the board meeting before opening a sealed ballot box.

“We’re giving them another chance,” Han Il-dong, the union’s secretary general, said of the Chinese parent.

SAIC signed a contract in 2004 to buy a controlling 48.9 percent stake for $500 million. Tensions with the labor union, however, have plagued the takeover, including a seven-week strike in 2006.

The Chinese company currently owns 51.33 percent of Ssangyong, according to Choi Nam-hyun, a Ssangyong spokesman.

Ssangyong shares rose 1.5 percent Thursday to close at 1,325 won (99 cents). The company’s stock price has fallen 77 percent over the past year.

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Associated Press Writer Shinwoo Kang contributed to this report.