GOYANG, April 4 (Korea Bizwire) — KG Mobility, formerly known as SsangYong Motor Co., outlined its electric vehicle-focused product lineup for future growth Tuesday amid accelerating electrification in the automobile industry.
KG Mobility showcased the all-electric Torres EVX, which can travel around 500 kilometers on a single charge, at the Seoul Mobility Show at the KINTEX exhibition hall, just northwest of Seoul.
The company plans to launch the Torres EVX in the domestic market in the second half of this year.
It also displayed three concept electric vehicle (EV) models — the electric pickup truck O100, the Rexton SUV-based F100 flagship SUV and the subcompact SUV KR10 — at the biennial auto show.
The F100 SUV will be equipped with KG Mobility’s dedicated EV platform called EPT, the company said.
“We are aiming to diversify our markets with new technology and new attempts as there are many untapped markets, such as Africa, the Middle East and Latin America,” KG Mobility Chairman Kwak Jea-sun said in a press conference.
The company will promote its vehicles through its own sales networks in Europe and export more of its models in the form of knockdown units, which can be assembled into complete vehicles at local plants, Lee Yun-jae, executive managing director in charge of KG Mobility’s overseas business headquarters, said.
KG Mobility aims to enter the U.S. market with the EV models in the long term, he said without elaborating.
The company said it will focus on increasing exports to emerging markets this year to put its business back on track.
Its net losses narrowed to 60.1 billion won (US$45.9 million) last year from 266 billion won the previous year.
From January to March, its vehicle sales jumped 51 percent to 34,993 units from 23,188 units during the same period last year.
The Seoul Bankruptcy Court approved SsangYong Motor’s debt payment plans in August after the court picked a local consortium led by chemical-to-steel firm KG Group as the final bidder to acquire the debt-laden company in June.
In October, SsangYong graduated from the court-led debt rescheduling program 1 1/2 years after it was placed under court receivership amid the COVID-19 pandemic.