▪ Accelerates Development of Korean SUV Models Equipped with Cutting-Edge Technology∙∙∙ Shortens New Car Development Period and Responds to Market Changes▪ Strengthens Future Technology Cooperation through Strategic Partnership with Global Export Company Chery Automobile▪ Develops Mid-Sized and Large SUVs through Platform License Introduction∙∙∙ Plans to Introduce Electrification Models to Target Global Markets
[Monday, October 21, 2024] KG Mobility (www.kg-mobility.com, hereinafter referred to as KGM) announced on the 21st that it has signed a strategic partnership and platform license agreement with global company Chery Automobile to lay the foundation for future growth.
At the event held at Chery Automobile Co., Ltd., located in Wuhu, Anhui Province, China on the 19th, KGM Chairman Kwak Jea-son and CEO Hwang Ki-young, as well as Chery Automobile Co., Ltd Chairman Yin Tongyue and Chery International CEO Zhang Guibing, attended the event, where the both companies signed a ‘strategic partnership and platform license agreement’ and agreed to strengthen technological cooperation to jointly prepare for the future.
KGM Chairman Kwak Jae-son said, “KGM started as a KG Group family company and is successfully promoting the strengthening of global market strategy and management normalization by launching various models with improved product quality as well as new models such as Torres EVX and Actyon,” and “In particular, through this strategic partnership and technical cooperation with Chery Automobile, it will be possible to respond to the rapidly changing automobile market by developing more diverse models, shortening the development period for new cars, and launching new cars that meet customer needs.”
He also emphasized, “Above all, we will develop a Korean SUV that provides differentiated mobility value based on KGM’s 70 years of technological know-how and KGM’s new brand strategy of ‘practical creativity.’”
Through this strategic partnership and platform license agreement, KGM plans to develop mid-size and large SUVs that respond to market changes as well as models for global market.
Meanwhile, Chery Automobile is the No. 1 exporter in China, selling 1.88 million units (exports of 937,000 units) in 2023, and is growing into a global company by selling over 1.75 million units by the third quarter of 2024, up 40% from the same period last year. In August, it was listed for the first time on the Fortune Global 500 list (sales of $39 billion/385th place) by the U.S. economic magazine Fortune.