SsangYong Motor Company reveals new identity and confirms transformation for the future
22 Mar 23
SsangYong Motor Company, in Korea, has confirmed the change of its corporate name to KG Mobility, at a shareholders meeting held at the company’s headquarters in Pyeongtaek today.
SsangYong Motor Company was established in 1954 as Ha Dong-Hwan Motor Company. The name SsangYong appeared in 1988 and after numerous investors, Mahindra and Mahindra took a controlling stake in 2010. In November 2022, its majority shareholding was acquired by the KG Group.
Who Are KG Mobility
The KG Group is large Korean company, established in 2003, and operates through its affiliates in various industries including chemicals, steel, hospitality, and media. SsangYong Motor is an opportunity for KG’s M&A expansion, and an entrance into the automotive industry, with particular focus on electrification.
Looking to the future, KG Mobility plans to focus on new mobility technologies such as EV-dedicated platforms, software defined vehicles (SDV), autonomous vehicles and AI in line with the paradigm shift.
A spokesperson for KG Mobility said, “We have changed our name after 35-years and have taken the first step towards change and development into a future mobility company. By focusing on the design and development of future vehicles utilising new technologies such as EV-dedicated platforms, software-defined vehicles, autonomous vehicles and AI etc., the company is really embracing change, and we will grow and develop as a proud and respected future automotive mobility partner.”
Whilst the last few years have been unsettled for SsangYong, the future is bright. The KG Group has accelerated early management normalisation by increasing sales and making profit. The future growth of the company will be based on a move towards electrification, starting with the successful international launch of the new Torres SUV model. With regards to the company change of name, we will confirm more detail around the impact to the UK in due course.Kevin Griffin Managing Director, SsangYong Motors UK