Kolon Mobility Group Officially Launched... "Aiming to Become a Mobility Specialist Company"

Kolon Global to Spin Off Automotive Division

Kolon Mobility Group co-CEOs President Lee Gyu-ho (left) and President Jeon Cheol-won are shaking a bell at the launch ceremony on the 4th.

[Asia Economy Reporter Oh Gyumin] Kolon Mobility Group will officially launch on the 4th. Kolon Global resolved to spin off its automotive division and establish a new corporation at the board meeting on the 2nd.

The new corporation plans to transform into a comprehensive mobility business through restructuring and expansion based on its know-how in imported car distribution and sales. To this end, it will promote five core mobility business areas: ▲strengthening brand networks ▲expanding certified used cars ▲evolving into a business with both online and offline capabilities ▲expanding business categories ▲providing new customer experiences through entry into new businesses.

First, it will continue to introduce brands such as Jeep and Polestar, which added dealership contracts in 2021, and expand its portfolio of eco-friendly mobility means. It is preparing subscription and test-drive platform services and also pursuing securing a distribution portfolio such as mobility-related luxury goods.

It has set quantitative targets of KRW 3.6 trillion in sales and KRW 100 billion in operating profit by 2025. Vehicle sales, including new and used cars, are planned to increase from the current level of 30,000 units to 50,000 units. The new corporation posted estimated results last year of KRW 2.2 trillion in sales and KRW 700 billion in operating profit.

Lee Gyuho, co-CEO of Kolon Mobility Group, said, “We will strengthen the overall business structure to create the best value that customers can choose.” Jeon Cheolwon, co-CEO, stated at the launch ceremony, “Let’s lead customer-centric comprehensive mobility services by creating synergy through various combinations centered on new car business.”

Meanwhile, Kolon Mobility Group plans to complete its re-listing due to the spin-off on the 31st of this month.