KG Mobility, the South Korean automaker formerly known as SsangYong Motor before going through bankruptcy, is seeking to revive its fortunes with a $30,000 full-electric SUV.
The carmaker Thursday unveiled four new vehicles at the Seoul Mobility Show, including the Torres EVX, its first electric car since conglomerate KG Group bought a majority stake in the firm in September 2022.
Using lithium-iron-phosphate (LFP) batteries made by China’s BYD, the SUV has a driving range of 500 km (310 miles) on a single charge.
It will be available in South Korea and Europe in the second half. In Korea, it will be priced at less than 40 million won ($30,700) after subsidies.
“We successfully completed all processes for a restructuring and now have a new major shareholder,” CEO Jeong Yong Won said. “We promise you that we will never collapse again.”
An LFP battery is increasingly popular among carmakers because of its safety, Jeong added, and it is also lower cost than lithium ion batteries. The SUV is aimed at younger South Koreans who are concerned about battery fires, he said.
The carmaker will maintain its partnership with BYD in the long term, Chairman Kwak Jaesun said. When asked about European plans to reduce reliance on Chinese minerals for EVs, Kwak replied: “BYD is not the only (battery) supplier for us.”
SsangYong, which sells SUVs including the Rexton, Korando and Tivoli in Europe, was placed under court receivership in April 2021 after its owner at the time, Mahindra & Mahindra, failed to secure a buyer. The Indian company acquired a 75 percent interest in Ssangyong in 2010.
KG Group, a South Korean conglomerate, acquired a majority stake in December 2022 and said in January that it would change Ssangyong’s name to KG Mobility.
According to Dataforce, Ssangyong had 11,908 sales in Europe in 2022, an increase from 9,257 in 2021.