Ssangyong Motors Accelerates Electrification: "Next Year, Korando Successor and Electric Pickup Truck Launch"

Ssangyong Motor's manager Jeong Yong-won is holding a new car launch event on the 5th at Nest Hotel in Yeongjongdo, Incheon, unveiling the actual model of the new mid-size sport utility vehicle (SUV) 'Torres'.
/Yeongjongdo=Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Choi Dae-yeol] Jeong Yong-won, the administrator of Ssangyong Motor, said on the 5th, "We will launch an electric pickup truck in the second half of 2024."

At the new model launch event for the mid-size sport utility vehicle (SUV) Torres held that day, Administrator Jeong briefly revealed the launch plans for the new vehicles currently under development. He said, "We will launch a mid-size SUV electric vehicle next year, introduce the KR10, a reinterpretation of the Korando, in mid-2024, and release an electric pickup truck in the second half of the same year, which no domestic automaker has challenged before."

The only electric vehicle currently released by Ssangyong Motor is the Korando e-Motion. The mid-size SUV electric vehicle to be launched next year will be based on the Torres model unveiled that day. Torres is currently developed only as a gasoline model. According to company officials, the new vehicle, known by the project name U100, is likely to have a new name rather than being called 'Torres Electric Vehicle.'

The KR10 (project name), known as the successor model to the Korando, will be released first as an electric vehicle, followed by a gasoline model. The electric pickup truck is being developed under the project name O100. Compared to the currently sold Rexton Sports, it is somewhat smaller in size, but considering it is the first electric pickup, the company official explained that it features a futuristic design.

Ssangyong Motor's first electric vehicle Korando e-Motion

The launch schedule set for next year and beyond was influenced by the supply of batteries, which are considered a core component of electric vehicles. Kim Heon-seong, head of Ssangyong Motor's Technical Research Center, said at the developers' meeting that "battery prices have risen significantly, and supply is a concern, but we expect stabilization after next year," adding, "We are cooperating with BYD in developing electric vehicles and plan to continue this partnership for the time being."

According to the company, pre-orders for the Torres revealed that day exceeded 30,000 units (as of the closing on the 4th). Kim Beom-seok, head of marketing at Ssangyong Motor, said, "Initially, the sales target for this year was about 16,800 units, but due to the surge in pre-orders, we plan to increase production," adding, "We will strive to increase production to 25,000 or 26,000 units."

Torres is currently being produced in mixed production with Tivoli and Korando on Assembly Line 1 at the Pyeongtaek plant. It is currently operating on a single shift, but starting next week, the plan is to increase to two daytime shifts and adjust the ratio of models to increase production by more than 10,000 units beyond the original plan. Due to orders far exceeding expectations, even if customers order the new vehicle now, it is difficult to receive it within this year.

Ssangyong Motor Pyeongtaek Plant Assembly Line 1. The existing production lines for Tivoli and Korando have been expanded to include Torres, increasing to a two-shift day operation.

Torres will be sold mainly in Latin America, Asia, and the Middle East, where it received good responses during development, while the electric vehicles to be launched from next year will be sold mainly in South Korea and Europe. Park Sung-jin, head of product development at Ssangyong Motor, said, "In regions like Latin America, electric vehicle infrastructure is still insufficient, so we will focus on selling existing gasoline models and respond according to market conditions later."

Considering the reduced demand for diesel vehicles and the difficulty in coping with external factors such as environmental regulations, the company stated that future new models will not include diesel versions. The current Torres model features a level between autonomous driving levels 2 and 3, and internally, the company is refining the technology. Kim said, "Internally, we are testing level 3 technology on general roads, but autonomous driving is not only a technological issue but also involves infrastructure and environmental factors, making it challenging," adding, "We are striving to secure safe and reliable technology."

Ssangyong Motor held a new car launch event on the 5th at Nest Hotel in Yeongjongdo, Incheon, unveiling the actual model of the new mid-size sport utility vehicle (SUV) 'Torres.' Seon Mok-rae, chairman of the Ssangyong Motor labor union (second from the left), Jeong Yong-won, Ssangyong Motor administrator, and Kwak Jae-seon, chairman of KG Group, are taking a commemorative photo. Photo by Kim Hyun-min, Yeongjongdo kimhyun81@

Meanwhile, at the new model launch event, Kwak Jae-seon, chairman of KG Group, emphasized that even if KG Group acquires Ssangyong Motor in the future, there will be no restructuring. The KG Consortium, centered on KG Group, has been selected as the final bidder for Ssangyong Motor's acquisition.

He said, "As with other companies in the past, I do not use the term 'acquisition' but say 'I am getting a job as the chairman of Ssangyong Motor,'" adding, "Even if we acquire the company, there will be no restructuring." He continued, "There are still many tasks ahead in the process of normalization," and said, "Various members must work together and make efforts as the company moves toward profitability and becoming a normal company."