Remember troubled South Korean carmaker Ssangyong? Well, the KG Group took over the brand in 2022 and has since been rebranded to KG Mobility (KGM). The new owners have signed an agreement with Chery Automobile for a transfer of technology that will help the Koreans develop a range of SUVs.
The agreement is a follow-up on a strategic partnership inked in late 2024 that included a platform licensing agreement to underpin future KGM models.
Both internal combustion and petrol-electric hybrid drivetrains will be available with the shared platforms, allowing KGM to leverage Chery’s platforms to potentially offer niche-market models as well. Additionally, KGM will also have access to advanced technologies such as self-driving technologies.
Chery’s partnership will serve as a catalyst in the development of the first model borne from the agreement, a mid- to large-sized SUV codenamed the SE-10. It will replace the current Rexton and roll out in 2026.
KGM only controls a small percentage of the market in its native South Korea, despite the protective market mechanisms in place by the government. Naturally, Hyundai and Kia dominate the domestic market, leaving KGM to rely on global sales.
KGM recorded global sales of 109,424 units in 2024, with 62,378 units accounting for export sales. On the opposing end of that sales spectrum, Chery Group recorded its best-ever annual sales last year with 2,603,916 units sold.
