KG Mobility announced on the 21st that it has entered into a strategic collaboration and platform licensing agreement with China’s Chery Automobile. The agreement includes cooperation in the development of new vehicles, particularly for medium and large-sized sports utility vehicles (SUVs) and models targeting overseas markets. Chery Automobile is the number one automobile export company in China, having produced 1.88 million vehicles and exported 940,000 units last year. This year, it sold 1.75 million units by the third quarter, an increase of more than 40% compared to the same period last year.
A contract signing ceremony was held on the 19th at Chery Automobile in Wuhu, Anhui Province, China, attended by a number of key figures including Kwon Jae-sun, Chairman of KG Group, Hwang Gi-yeong, CEO of KG Mobility, Yin Tongyue, Chairman of Chery Group, and Zhang Guibing, President of Chery Automobile.
Chairman Kwon stated, “This collaboration with Chery Automobile will enable us to develop a more diverse range of models, shorten the vehicle development period, and launch new cars that meet customer needs, allowing us to respond to the rapidly changing automobile market.” He further emphasized, “Based on KG Mobility’s new brand strategy of ‘practical creativity,’ we aim to develop Korean-style SUVs that offer differentiated value.”
An image in the article shows a Chery Automobile electric vehicle being unloaded at a port in southern England.