KG Mobility and BYD, two prominent players in the automotive industry, have recently announced the expansion of their strategic partnership. This enhanced collaboration encompasses a battery pack factory agreement in Korea and a joint effort to develop cutting-edge next-generation hybrid systems. These new ventures signify a significant step forward for both companies and are poised to reshape their product offerings with a focus on eco-friendly vehicles.
This decision to deepen their collaboration comes on the heels of the successful launch of the Torres EVX, a groundbreaking electric vehicle that marked a turning point for KG Mobility, formerly known as the SsangYong Motor Company. KG Mobility, a South Korean automaker, has traditionally specialized in the production of 4x4s, SUVs, MPVs, and pick-up trucks. However, in recent years, the company has been steering its focus towards the burgeoning electric vehicle market, aiming to provide safe, affordable, and high-performance electric vehicles that cater to the evolving needs of its customers.
Kwak Jae-seon, Chairman of KG Mobility, reflects on this transformation, stating, “KG Mobility embarked on a journey of change and development as a mobility company by changing its name last March. We started with the launch of the Torres EVX, aimed at providing safe, affordable, high-performance electric vehicles meeting the needs of our customers.”
This strategic alliance with BYD, a leading Chinese automaker known for its expertise in electric vehicles and hybrid systems, opens up new horizons for KG Mobility. Together, they have initiated the joint development of the next-generation hybrid system, with ambitious plans to expand their product lineup. The first of these expansions will see the introduction of a Torres-based hybrid model in 2025, setting the stage for a new era in hybrid vehicles.
Jeong Yong-won, CEO of KG Mobility, underscores the significance of this collaboration: “By expanding the line-up of eco-friendly vehicles through cooperation with BYD for the joint development of next-generation hybrids, KG Mobility has laid a strong foundation for more stable growth. This collaboration is especially significant as it allows us to secure future competitiveness by ensuring a stable supply of core components and developing new vehicles with cutting-edge electrical/electronic integration technologies.”
The strategic partnership between KG Mobility and BYD is expected to yield numerous benefits for both companies. The establishment of a battery pack factory in Korea is a significant move, as it not only enhances production capabilities but also bolsters the domestic manufacturing industry. The battery pack is a critical component of electric vehicles, and local production ensures a stable supply chain, reducing dependence on foreign sources.
Moreover, the joint development of next-generation hybrid systems is a testament to their commitment to innovation. This technology is at the forefront of the automotive industry’s shift towards sustainability and efficiency. By collaborating on this front, KG Mobility and BYD are positioning themselves as leaders in the development of hybrid vehicles, which are poised to play a pivotal role in the global transition to greener transportation options.
The partnership also holds promise for the global automotive market, as KG Mobility’s headquarters are based in the vibrant Gangnam district of Seoul, South Korea. Their principal vehicle manufacturing plant, located in Pyungtaek, boasts cutting-edge technology and has a production capacity of 240,000 cars annually. This manufacturing prowess positions them to cater to a global audience, contributing to the international adoption of eco-friendly vehicles and helping reduce carbon emissions.
