KG Mobility, formerly known as Ssangyong Motor Co., has unveiled an ambitious plan to expand its portfolio of clean vehicles and triple its annual sales to 320,000 units within the next three years. The Chairman of KG Mobility, Kwak Jae-Sun, announced that the company aims to achieve its first profit in seven years in 2023 and become South Korea's leading brand in electric vehicles and sport-utility vehicles.
Kwak emphasized the company's determination to break away from its previous reputation as a loss-making automaker. KG Mobility has witnessed positive growth, with approximately 65,000 vehicles sold in the first half of this year, marking a 37% increase compared to the same period in 2022. One of the notable contributors to this growth was the gasoline-powered Torres SUV, which accounted for nearly half of the total sales. The company recently launched the electric version of the Torres SUV, called Torres EVX, which is priced at around 40 million won ($30,000) after subsidies. This move is expected to contribute significantly to KG Mobility's profitability.
Looking ahead, KG Mobility has outlined its future product lineup, including plans to introduce an electric pick-up truck in 2024, a hybrid vehicle in 2025, and a new electric vehicle called the F100 in 2026. The company also aims to increase its market share in commercial vehicles, particularly electric buses in Southeast Asia. To facilitate this expansion, KG Mobility recently acquired Edison Motors Co., and aims to capitalize on the growing demand for electric buses in the region.
Recognizing the importance of battery technology, KG Mobility plans to resume electric-bus production at a factory owned by Edison in Gunsan, South Korea, next year. Additionally, the company intends to establish a battery pack assembly plant in Changwon. KG Mobility has also signed an agreement with China's BYD Co. to build a battery plant in South Korea, although specific details of the investment and location have not been disclosed.
Chairman Kwak emphasized that the selection of batteries should be based on their capabilities rather than the nationality of the manufacturer. While the Torres EVX currently utilizes a BYD battery, he stated that their goal is to choose batteries that align with the SUVs' requirements. However, he highlighted that China's EV technology, including batteries, is on par with Korea's.
KG Mobility's plans indicate a strong commitment to sustainable mobility and a determination to reclaim its position in the market. With a focus on expanding their electric vehicle offerings and targeting the commercial vehicle sector, the company aims to tap into the increasing demand for clean transportation solutions in the Southeast Asian market and beyond.