SsangYong Motor reborn as KG Mobility after takeover

Economy 13:23 March 22, 2023

SEOUL, March 22 (Yonhap) -- SsangYong Motor Co. on Wednesday changed its name to KG Mobility to transform itself into a future mobility solutions company.

SsangYong Motor finalized the name change at a shareholders' meeting Wednesday to focus on the electric vehicle platform, software defined vehicle, autonomous driving and artificial intelligence for survival amid an accelerating electrification push.

The Seoul Bankruptcy Court approved SsangYong's debt payment plans in August after the court picked a local consortium led by chemical-to-steel firm KG Group as the final bidder to acquire the debt-laden company in June.

In October, SsangYong graduated from the court-led debt rescheduling program 1 1/2 years after it was placed under court receivership.

SsangYong Motor originated from Ha Dong-Hwan Motor Workshop in January 1954 and its name was changed to Dong-A Motor Co. in 1977 and SsangYong Motor in 1988.

The SUV-focused carmaker's lineup consists of the Torres, Tivoli, Korando, Rexton and Rexton Sports SUVs.

It plans to launch the Torres EVX all-electric model based on the Torres SUV later this year and other upgraded models throughout the year.