Source: Gasgoo Author: XingYun
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According to foreign media reports, on December 15, KG Mobility (formerly known as Ssangyong Motors) and the Saudi National Automobile Manufacturing Company (SNAM) signed a cooperation agreement to assemble KG Mobility’s Torres EVX electric vehicles in Saudi Arabia.
The agreement expands on an existing agreement between the two parties for SNAM to manufacture KG Mobility’s internal combustion engine vehicles. Under the new agreement, SNAM will increase its production capacity to assemble KG Mobility’s all-electric Torres EVX electric vehicle, which was launched in South Korea in September this year.
Image source: KG Mobility
The new agreement builds on previous agreements between KGM and SNAM, including product licence agreements signed in 2019 and 2020, and a parts supply agreement signed in 2022. These agreements will result in a total production of 169,000 units over seven years, including 90,000 Rexton Sports Khan and 79,000 Rexton New Arena.
KG Mobility Chairman Kwak Jae-sun and CEO Jeong Yong-won, along with SNAM Chairman Mohammed al-Tuwaijri and CEO Dr Fahd al-Dohish attended the signing ceremony in Seoul. South Korea’s Minister of Trade, Industry and Energy Bang Moon-kyu and Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef also attended the ceremony.
KG Mobility Chairman Kwak said, “As a new member of the KG Group family, KG Mobility has been accelerating its global market expansion since the beginning of the year. We will establish a strong electric vehicle production network in Saudi Arabia and see it as the starting point for the company’s entry into the Middle East electric vehicle market.”
