KG Mobility Corp., a South Korean automaker specializing in sport utility vehicles, said on Wednesday it joined hands with China’s fourth-largest carmaker Chery Automobile Co. to develop mid-to-large-sized SUVs.
KG Mobility, formerly Ssangyong Motor Co., also agreed with Chery to cooperate on other technologies such as self-driving and electrical/electronic (E/E) architecture based on advanced software-defined vehicles to become a leading future mobility company.
The agreement is expected to speed up KG Mobility’s development of a mid-to-large-sized model, the company said.
TO COMPLETE DEVELOPMENT BY 2026
The maker of mid-size crossover SUV Torres aims to complete the new model development code-named SE-10 by 2026 and decide when to launch it depending on the market’s conditions.
“Global companies are accelerating cooperation and alliances to discover future growth engines and enhance synergy and efficiency as competition heats up,” said KG Mobility Chairman Kwak Jae-sun during a signing ceremony at Chery’s headquarters in Wuhu, Anhui, China.
“We will grow into a sustainable company through strategic cooperation by utilizing KG Mobility’s 70 years of technological know-how and Chery’s global platform.”
KG Mobility aims to develop not only internal combustion engine vehicles but also eco-friendly models for niche markets through the partnership.
The company in October last year agreed to develop a series of SUVs on a platform licensed from Chery.
By Jongwoo Cheon
jwcheon@hankyung.com
Jennifer Nicholson-Breen edited this article.
