|KG Mobility press conference focuses on future development strategy
A year since becoming chairman of KG Mobility, Jeasun Kwak celebrates the stabilisation of
the company’s management and confirms the growth potential including profitability.
With the goal of becoming Korea's No. 1 e-mobility brand, the business commits to
supporting customers by developing a range of differentiated products and by providing
integrated mobility solutions.
Beginning with the Torres EVX, a full line-up of SUVs is planned while also expanding
the range of commercial vehicles.
Global sales to grow by diversifying the sales network, developing customised products
for each market, and expanding into new markets.
[September 21, 2023] KG Mobility (www.kg-mobility.com) has held an important press conference
to look back on the first year since chairman Jeasun Kwak took office and announced future
development strategies for the business.
At the press conference held at KG Tower in Seoul on September 21, chairman Kwak Jea-sun,
CEO Jeong Yong-won, and labour union leader Sun Mok-rae addressed the conference.
In his greeting, Jeasun Kwak said:“Over the past year and since taking office as chairman,
it has been a time to confirm the stabilisation of the company’s management and growth potential
through cooperative labour-management relations, concluding the first collective wage agreement
in the Korean automobile industry, and increasing sales volumes resulting in profitable trading.”
He added:“In the future, KG Mobility will grow and develop into a company that supports the lives
of its customers by developing differentiated products and providing integrated mobility solutions
with the goal of becoming Korea’s No. 1 e-mobility brand.”
Under the leadership of Jeasun Kwak, who took office in September last year, KG Mobility (KGM)
has quickly taken steps to stabilise the company, changed its name and announced the vision to
focus on mobility technology such as EV-specific platforms, SDVs (software-defined vehicles),
autonomous vehicles and AI.
Thanks to the launch and sales success of the new Torres SUV, KGM recorded a trading surplus
in the first and second quarters of the year, recorded the highest ever sales in the first half year,
and traded profitably for the first time in seven years, while also accelerating its penetration of
global markets to help compensate for growth limitations in the domestic market.
Furthermore, to grow and develop as a sustainable company, KG S & C, a specialist vehicle business,
was established in April and is exploring various new business areas such as used cars, as well as the launch
of KGM Commercial through the acquisition of Edison Motors, a Korean electric bus manufacturer.
Last August a new level of cooperative relations between the workforce and management was achieved
when the company completed the wage and collective bargaining process without a dispute for the first time in the industry,
and at a time when the auto industry was experiencing difficulties in wage and collective bargaining negotiations.
At the press conference, KGM stated its business goals which are to become Korea’s:
· No. 1 e-mobility brand
· No.1 SUV brand
· No.1 Pick-up brand
· No.1 Bus brand
· And to develop differentiated products
The plan is to support customers by providing integrated mobility services and solutions to make life simpler and better.
To begin with and starting with the Torres EVX launched this week, KGM plans to complete a full line-up of eco-friendly vehicles
by introducing electric SUVs and pick-ups using its EV platform, as well as high-performance hybrid SUVs after 2025.
Once KGM Commercial is officially launched, it plans to expand its line-up of commercial vehicles from its current focus on SUVs
to include mid-sized buses and large inter-city buses.
With continuous investment, the company plans to build a user-centric mobility environment by providing connected cars,
autonomous vehicles, car sharing services and electrification. By providing a variety of mobility solutions, KGM will create
a range of integrated mobility services through cooperation with existing mobility companies to provide users with a one-stop mobility service.
In addition to these mid- to long-term product plans, KG Mobility will further increase its global sales volumes by diversifying
its export sales network, developing customised products for each overseas market, and expanding its entry into new markets.
This approach has already begun by signing an export agreement with NGT of the United Arab Emirates (UAE) in January,
and a KD contract with FUTA Group of Vietnam in March. Its KD business with SNAM of Saudi Arabia is scheduled to
begin shipping KD vehicles in volume this year, while in July, the chairman attended the Europe launch of Torres and
held a meeting with the European distributors to accelerate global field management. <Ends.>