After much anticipation, SsangYong Motor officially changed its name to KG Mobility. Signifying its strong commitment and focus to the future of mobility solutions, KG Mobility will focus on the development and production of electric vehicles, autonomous driving, and artificial intelligence technology.
The local consortium led by chemical-to-steel firm KG Group was announced as the final bidder this summer to acquire SsangYong Motor and the bankruptcy court of Seoul approved the debt payment plans in August. This finalized the deal, easing the debt-ridden company’s pain from financial distress. In October, SsangYong graduated from the court-led debt rescheduling program.
SsangYong Motor has a long history, starting out in 1954 as Ha Dong-Hwan Motor Workshop before changing its name to Dong-A Motor Co. in 1977 and finally to SsangYong Motor in 1988. Based in Seoul and predominantly focused on SUV models, SsangYong Motor currently owns the lineup of Torres, Tivoli, Korando, Rexton and Rexton Sports SUVs. The company plans to launch the all-electric model Torres EVX based on the Torres SUV later this year and other upgraded models throughout the year.
Mahindra Group, based in India, held a 70% interest in SsangYong Motor back in 2011 which allowed the carmaker to expand their production capabilities and range of vehicles to what it is today.
KG Mobility’s future prospects look bright as they move away from their fossil-fueled roots and into the bright world of electric and autonomous vehicles. Their goal is to rise to the top and be a leader in the mobility solutions market and their focus on electric, software-defined vehicles, autonomous driving and artificial intelligence technologies will help them establish a name for themselves in the industry for years to come.
