Latest news with #KwakJae-sun
Korea Herald
13-05-2025
- Automotive
- Korea Herald
KGM partners with Indonesia's Pindad for EV, defense cooperation
KG Mobility said Tuesday it is set to supply electric buses and military vehicles to Indonesia through PT Pindad, a state-owned defense company under the country's Ministry of Defense. The signing ceremony for the head of agreement — a non-binding preliminary document outlining the key terms of a proposed deal — took place on Thursday at Pindad's headquarters in Bandung, Indonesia. Key figures attended the event, including KGM Chairman Kwak Jae-sun, KGM CEO Hwang Ki-young, KGMC CEO Kim Jong-hyun and Pindad CEO Sigit P. Santosa. Under the agreement, KGM plans to jointly develop 200,000 electric buses with Pindad as part of Indonesia's national car project — to produce electric vehicles within the country, with a target of deploying 2 million electric vehicles and 12 million electric two-wheelers by 2030. The automaker will support the product review, as well as the technology and engineering of the vehicle. Last year, KGM exported 1,060 units of Rexton pickup knockdowns — partially assembled vehicles — for military use to Indonesia and plans to export 3,000 units this year. 'The Musso Sports and Rexton have garnered global recognition in the global market, having been supplied as official vehicles to countries such as the UK, Bulgaria and Peru,' stated KGM Chairman Kwak Jae-sun. 'With Indonesia emerging as the largest automotive market in Southeast Asia and possessing significant growth potential, it presents highly attractive business opportunities. KGM is committed to expanding its sales volume by leveraging our unique products and strategic marketing approach.' In March, KGM also signed a memorandum of understanding with Fabrica De Armas Y Municiones Del Ejercito, a state-owned enterprise under the Peruvian Army, to increase the supply of official vehicles and technological cooperation, accelerating its penetration into emerging markets and expanding business operations.
Yahoo
05-04-2025
- Automotive
- Yahoo
KG Mobility to develop SUVs based on Chery platforms
Chinese state-owned automaker Chery Automobile Company has signed a technology transfer agreement with South Korea's KG Mobility (KGM), allowing the latter to produce a new range of medium and large SUVs for its domestic market, according to local reports. The deal follows the signing of a strategic partnership agreement between the two companies last October, including a platform licensing agreement aimed at strengthening KGM's product range in a market dominated by Hyundai and Kia. The agreement covers platforms for Internal combustion engine (ICE) and hybrid-electric vehicles. KGM has also agreed to license other advanced technologies from its Chinese partner, including self-driving technologies and its electrical/electronic architecture for software-defined vehicles (SDVs). KGM is understood to be aiming to complete the development of a new model, codenamed SE-10, by 2026, using a platform provided by Chery. At the signing ceremony at Chery's headquarters in Wuhu, KGM's chairman Kwak Jae-sun, said 'we aim to grow into a sustainable company through strategic cooperation by utilizing KGM's 70 years of technological know-how and Chery's global platform.' "KG Mobility to develop SUVs based on Chery platforms" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Korea Herald
02-04-2025
- Automotive
- Korea Herald
KGM deepens China ties with Chery tech partnership
KG Mobility, a Korean maker of sport utility vehicles, announced Wednesday that it has signed a partnership with China's Chery Automobile to jointly develop a large SUV and next-generation automotive technologies, deepening its ties to China's growing mobility industry. The signing ceremony took place Tuesday at Chery's headquarters in Wuhu, China, and was attended by KG Mobility Chair Kwak Jae-sun and CEO Hwang Ki-young, along with Chery Chair Yin Tongyue and President Zhang Guibing, the companies said. The project, dubbed SE-10, will involve co-developing a large SUV modeled after KG Mobility's flagship Rexton. Development is expected to be completed by 2026, though KG Mobility said the launch timeline would be subject to market conditions. In addition to vehicle co-development, the two firms agreed to collaborate on a range of future mobility technologies, including software-defined vehicles, autonomous driving and electric components. 'With intensifying global competition, strategic alliances and cross-border collaborations are becoming essential for business efficiency and future revenue generation,' Kwak said in a statement. 'Our partnership with Chery combines KG Mobility's 70 years of engineering expertise with Chery's global platform to drive sustainable growth and innovation.' The new agreement builds on a broader strategic partnership formed last October, under which the companies have cooperated across vehicle development, manufacturing, distribution, and intellectual property, particularly related to Chery's T2X plug-in hybrid platform. KG Mobility said the partnership would also explore the development of eco-friendly models and niche-market vehicles, as the company looks to diversify its product lineup. Formerly known as SsangYong Motor, KG Mobility has stepped up its cooperation with Chinese automakers following its 2022 acquisition by KG Group, a South Korean conglomerate with businesses in logistics, energy and media. The automaker is also collaborating with BYD, China's largest electric vehicle manufacturer, on the development of electric and hybrid models. Through the partnership, KG Mobility is securing lithium iron phosphate battery supplies for several of its electric vehicles, including the Korando EV and Musso EV pickup truck.
Korea Herald
05-03-2025
- Automotive
- Korea Herald
KG Mobility debuts Korea's first electric pickup Musso EV
Korean automaker KG Mobility officially launched its first electric pickup truck, the Musso EV, on Wednesday at its headquarters in Pyeongtaek, Gyeonggi Province. The launch ceremony was attended by KG Mobility Chairman Kwak Jae-sun, Co-CEOs Hwang Ki-young and Park Jang-ho, along with officials from Chinese battery maker BYD, which supplies the battery system for the new electric vehicle. 'While the Torres and Actyon were planned when the company was still known as SsangYong Motor, the Musso EV is the first model for which I approved the investment plan after taking on the role of chairman,' said Chairman Kwak during the event. 'This vehicle holds great significance for me, and I have a special sentiment attached to its launch.' Formerly known as SsangYong Motor, the company is known for its expertise in manufacturing SUVs and pickup trucks. It was acquired by the Korean logistics-to-media conglomerate KG Group in 2022, subsequently rebranding as KG Mobility. As Korea's first electric pickup truck, the Musso EV combines the rugged appeal of a pickup truck with the sleek, modern aesthetic of an electric vehicle, according to the company. The Musso EV features a bold, solid silhouette, with a robust body structure seamlessly integrated with the cargo deck. The front end is accentuated by dot-style horizontal daytime running lights and slim turn signal lamps aligned with the running lights, delivering a refined, high-tech appearance. Powered by an 80.6-kilowatt-hour lithium iron phosphate battery, the Musso EV boasts a driving range of 400 kilometers, the longest of any electric cargo truck in Korea. It can carry up to 500 kilograms of cargo on its deck, while spacious legroom and reclining second-row seats enhance its potential as a family-friendly vehicle. The top-tier Black Edge trim model is priced at 50.5 million won ($34,674), while the base MX model starts at 48 million won. However, both models qualify for government subsidies, reducing the final consumer price. To honor the automaker's 71-year legacy, the Musso EV was named after the company's iconic SUV and pickup truck, the Musso, which was sold in the 1990s and early 2000s. Alongside the Musso EV, KG Mobility unveiled its new pickup truck brand, Musso, which will encompass all current and future pickup truck models. Under this rebranding, the existing pickup truck models — Rexton Sports and Rexton Sports Khan — will now be renamed Musso Sports and Musso Khan, respectively. 'KGM has pioneered new markets in the evolving mobility environment by offering advanced technology and core values,' said CEO Kwak. 'Leveraging our long-standing expertise in pickup trucks, we will showcase our differentiated competitive strengths in the global market, solidifying our position as a trusted mobility brand.'
