Ssangyong, South Korea’s other automotive brand to be renamed KG Mobility
South Korea - Ssangyong Motor will be renamed KG Mobility. This comes after chaebol, KG Group signed a conditional investment contract with the struggling South Korean automaker.
With the go-ahead from South Korea’s Seoul Rehabilitation Court, KG Group, which has its hand in steel, chemical resorts and F&B, bought a 62 percent stake in the automotive brand for 800 billion won from Mahindra & Mahindra. Approximately 300 billion won in debt owed to creditors has also been paid off.
SsangYong Motor officials commented, “On behalf of everyone at SsangYong Motor, we would like to express our sincere gratitude to all stakeholders, including the Seoul Rehabilitation Court, creditors and partners for their understanding and support in successfully completing the corporate rehabilitation procedure, and laying the foundation for the company’s business normalisation. We particularly reach out to our customers to thank them for their loyalty, and as a completely new and transformed business, aim to reward them by providing the best possible customer service, and thank them for their patience.”
Ssangyong, or should we say KG will be launching two new vehicles, the Torres SUV and the E100, the latter being the brand’s first EV.
The South Korean automotive brand is represented in Singapore by Motorway SsangYong Pte Ltd, where it markets two SUVs, the Tivoli and Korando, and two pickups, the Musso and Actyon Sports.