KG Mobility Partners with Cherry, China's Top Exporter, for New Car Development

KG Mobility announced on the 21st that it has signed a strategic cooperation and platform license agreement with China's Chery Automobile.

The agreement involves collaboration in the new car development process, including the creation of models targeting overseas markets such as mid-to-large and mid-sized sport utility vehicles (SUVs). Chery Automobile is the number one automobile export company in China, producing 1.88 million units last year and exporting 940,000 units. This year, it has sold 1.75 million units up to the third quarter, increasing sales by more than 40% compared to the same period last year.

Hwang Ki-young, CEO of KG Mobility (from left), Kwak Jae-sun, Chairman of KG Group, Intungwe, Chairman of Cherry Group, and Jang Gwi-bang, President of Cherry Auto, are posing for a commemorative photo after signing the contract on the 19th.
[Photo by KG Mobility]

The contract signing ceremony held on the 19th at Chery Automobile in Wuhu, Anhui Province, China, was attended by KG Group Chairman Kwak Jae-sun, KG Mobility CEO Hwang Ki-young, Chery Group Chairman Yin Tongwei, and Chery Automobile President Zhang Guibing.

Chairman Kwak said, "Through this cooperation with Chery Automobile, we will be able to develop a wider variety of models, shorten the new car development period, and launch new cars that meet customer demands, enabling us to respond to the rapidly changing automobile market. Based on KG Mobility's new brand strategy of 'Practical Creativity,' we will develop Korean-style SUVs that provide differentiated value."

Cherry Automobile electric vehicles are being unloaded at a port in southern England.
[Photo by Yonhap News, Reuters]