The Korean car manufacturer SsangYong Motor Company was saved from bankruptcy last year (September) by the Korean chemical-to-steel group KG. So today, the name of the new automotive KG daughter has changed to KG Mobility.

KG Mobility showcases three new concepts and the new Torres EVX at the Seoul Motor Show, now taking place in the South Korean capital.

The KG Group counts 19 companies, from a chemical business over steel, environment, and IT to media and training. KG Mobility wants to become a sustainable, future-oriented, worldwide automotive player and launch four new BEVs with the slogan “Go. Different. KG Mobility.”.

Four BEVs

The first new car, fully electric, will be the Torres EVX, a mid-sized SUV. It will be followed by an electric mid-sized pickup (codenamed O100). After that, the third new car will be a full-size fully electric SUV (F100), and later, there will be a compact-sized electric SUV (KR100).

KG Mobility also wants to develop its own EV platform. To realize all this, cooperation with other companies in the KG Group will be frequent, especially the IT en software specialists. In addition, the new cars will have to offer extensive connectivity and some autonomous driving functions.

The name change doesn’t mean that the SsangYong name will disappear immediately. On the contrary, the name rings a bell in many parts of the world and will remain present for a specific time in parallel with KG Mobility in all official communication.

Turbulent history

The tumultuous take-over saga at SsangYong has finally resulted in chemical-to-steel group KG becoming the new owner. The company outbid underclothing giant Ssangbangwool (SSB) and paid 950 billion won ($740 million) for the financially troubled Korean SUV specialist in September last year.

The deal was conducted by biddings that needed the approval of the Seoul Bankruptcy Court. The court decided that the KG consortium was the best candidate based on pricing, funding plans, and financial health data.

With KG’s Korean roots, ownership of SsangYong comes home again after decades of foreign shareholders. Before the financial crisis in 2009, the company resided under the Chinese giant SAIC, which cut itself loose to brace for the troubled times.

Three years later, Indian industrial group Mahindra acquired SsangYong and kept it in its portfolio until last year, when snowballing losses seemingly blocked the possibility of recovery. The Korean brand even had to put its only factory, in Peyongtaek, on the block, which it had been occupying for over 42 years.

Subsequently, SsangYong struck a preliminary deal with compatriot Edison Motor, an electric bus maker. But Edison failed to get its funding together and asked for a delay when payment was due. Ssangyong declined and now outlives Edison, which went bankrupt in May this year.

Despite the ownership carousel, Ssangyong hasn’t failed to launch new products. With the Korando E-Motion, the company has an all-electric crossover in its line-up, and last month it lifted the veils off its bold-looking SUV Torres. That medium-sized model will hit European shores soon, but only in the battery-powered version EVX.