SSANGYONG MOTOR will officially be renamed KG Mobility from this week, the Korean manufacturer completed the name change for the first time in 35 years at a shareholder meeting this week following the same announcement by the chairman. new Kwak Jae-sun in January.
The change comes after a consortium led by KG Mobility acquired Mahindra and Mahindra’s controlling stake in the struggling manufacturer for 950950 billion (A1.1b) last October.
Jae-sun said, “The name SsangYong Motor has a fanbase with fond memories, but it also leaves a sad image.
“From now on, all SsangYong cars will make their world debut under the KG name.”
Jae-sun said the business will now focus on new and used vehicles, as well as shifting to electric vehicles, autonomous driving technology, software-defined vehicles and artificial intelligence. .
“We changed our name after 35 years and have taken the first step towards change and growth into a future mobility company,” the company said in a media statement.
“This is our first step towards becoming a mobility company focused on future technologies including developing a dedicated platform for electric vehicles and autonomous driving.
“By focusing on future vehicle design and development using new technologies – such as electric vehicle-specific platforms, software-defined vehicles, autonomous and AI vehicles, etc. , the company is really embracing change, and at the same time we will grow and develop as a proud and respected company. future automotive mobility partner.
The Korea-based KG Group was established in 2003 and operates through its affiliates across a wide range of sectors including chemicals, hospitality, media and steel.
SsangYong started as Ha-Dong-Hwan Motor Workshop in 1954, changed its name to Shinjin Motors in 1967, Dong-A Motor in 1977 and SsangYong Motor in 1988. It was put into service in April, 2021 due to owners Mahindra and Mahindra experiencing financial difficulties and the COVID-19 pandemic as a catalyst for the manufacturer’s misfortunes.
The company’s SUV-focused models currently include the Korando, Musso, Rexton, Rexton Sports, Tivoli and Torres models (pictured). Only three – Korando, Musso and Rexton – are sold locally.
Despite its generous after-sales support and competitive pricing, the uncertainty surrounding the company’s future has left the company struggling to rack up significant sales in recent times. As of the end of February, SsangYong only sold 938 vehicles nationwide, equivalent to less than 4% of the total number of models originating from Korea.
The SsangYong Korando has failed to garner local interest since its launch, selling just 76 units in the sub-$60,000 midsize SUV segment through the end of February. The large SUV segment (under $70,000) Rexton sold 231 units during the same period, with the remaining 631 sales achieved by two-cabin utility participants Musso and Musso XLV 4×4.
