KG Mobility Emerges as a New Force in Automotive Industry with Focus on Electric and AI Technologies
KG Mobility Emerges as a New Force in Automotive Industry with Focus on Electric and AI Technologies
In a significant shift signaling a new era in the automotive world, the SsangYong Motor Company has been reborn as KG Mobility. This change heralds a dynamic move into advanced mobility technologies, such as electric vehicles (EVs) and artificial intelligence (AI), marking a paradigm shift from traditional automotive norms. This transformation follows the acquisition of SsangYong by the South Korean KG Group, aiming to revitalize the brand and distance it from its previous struggles.
Originally founded in 1954 as Ha Dong-Hwan Motor Company, and later rebranded as SsangYong in 1988, the company has experienced a tumultuous journey. After a period under the ownership of Mahindra and Mahindra since 2010, SsangYong faced financial difficulties leading to receivership in April 2021. The entrance of KG Group in November 2022 as the majority shareholder marked a new chapter, with a focus on electrification, aligning with the group's broader M&A expansion plans in the automotive sector.
A spokesperson for KG Mobility expressed enthusiasm for the new direction: “After 35 years, we’re taking our first step towards evolving into a future mobility company. Our focus on new technologies like EV-dedicated platforms and AI positions us to grow as a proud partner in automotive mobility.”
In the UK the brand will be known as KGM Motors UK and accompanied with a new slogan – Go Different, KGM.
Kevin Griffin, Managing Director of KGM Motors UK, echoed this optimism: “Despite recent unsettled times, our future looks bright under KG Group. The move towards electrification, beginning with the Torres SUV model, heralds a new era for us.”
This transformation is already underway with the Torres midsize SUV, available in Korea in petrol form and soon as a fully electric EVX version. Set for a European launch in late 2023, the Torres EVX will be showcased at the 2023 Seoul Mobility Show.
The change in corporate identity to KG Mobility is part of a broader strategy to reposition the company as a leader in future automotive technologies. This rebranding is expected to rejuvenate the company's image and foster growth in new markets. The UK arm of the business, now known as KGM Motors UK, has embraced this change, aiming to continue its legacy as a respected SUV and pick-up truck brand, while also undergoing a visual transformation in keeping with the new brand ethos.
Amidst a changing automotive landscape, KG Mobility's focus on electric and AI technologies positions it at the forefront of the industry's future. With its first operating profit reported since 2016 and a reduction in operating losses, the company is on an upward trajectory. The excitement surrounding the new Torres SUV and its electric counterpart, the Torres EVX, highlights the brand's commitment to innovation and sustainability.
As KG Mobility continues to chart its new course, it stands as a testament to the resilience and adaptability of the automotive industry, embracing the challenges and opportunities of a rapidly evolving technological landscape.
Notes to the editor
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