SEOUL, Sept. 21 (Yonhap) — KG Mobility, formerly known as SsangYong Motor Co., declared Thursday that it is “on track” to record an operating profit for the year, thanks to the increased export of the Torres SUV.
KG Mobility Chairman Kwak Jea-sun stated at a press conference on the company’s upcoming mobility plans that given the company has already shifted to an operating profit in the first half, it is likely to report a full-year operating profit in 2023.
During the January-June period, the company shifted to an operating profit of 28.2 billion won (US$21 million) from an operating loss of 59.1 billion won a year earlier.
To expand its lineup, KG Mobility unveiled the Torres EVX in the domestic market on Wednesday. It plans to launch an all-new coupe model in June next year and SUV models based on its own dedicated electric vehicle (EV) platform in the years to come, the company said in a statement.
“The company is planning to develop the dedicated EV platform through a partnership with a technologically advanced company for the upcoming SUV models,” KG Mobility Managing Director Hwang Ki-young told reporters.
A high-performance gasoline hybrid SUV is also scheduled to be added to the “environment-friendly” lineup after 2025, the statement said.
This file photo offered by KG Mobility shows the all-electric Torres EVX SUV. (PHOTO NOT FOR SALE) (Yonhap)
The Torres EVX SUV is KG Mobility’s second electrified model after the Korando Emotion launched in the domestic market in February 2022.
KG Mobility has exported the Korando Emotion, but the first EV model is not available in the domestic market due to battery supply issues.
The EVX is equipped with a 73.4 kWh lithium iron phosphate (LFP) battery, and it can travel up to 433 kilometers on a single charge.
The model comes with a 10-year and 1 million-kilometer battery warranty. An LFP battery is a type of lithium-ion battery known for its enhanced safety features, high energy density and longer life span.
The company plans to sell a total of 320,000 vehicles, including domestic sales of 120,000 units, in the global markets in 2026 by focusing on increasing exports.
The 320,000-unit goal includes exports of 100,000 completed vehicles and 100,000 complete knockdown units (CKDs). CKDs are shipped to be assembled into complete vehicles in overseas plants.
The SUV-focused carmaker’s lineup currently consists of the Tivoli, Korando, Rexton, Rexton Sports and Torres SUVs.
From January to August, its sales rose 26 percent to 86,636 autos from 68,926 units during the same period last year.
kyongae.choi@yna.co.kr
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