November 25, 2024

• 

Dr. Fahd al-Dohish (front left), CEO of Saudi National Automobiles Manufacturing Co., and Jeong Yong-won, CEO of KG Mobility, exchange a handshake at the signing ceremony held in Seoul on Friday. (KG Mobility)

KG Mobility, formerly SsangYong Motor, and Saudi National Automobiles Manufacturing Company, a licensed producer of international and domestic automobiles, signed a partnership agreement on Friday to assemble the carmaker's Torres EVX electric vehicle in Saudi Arabia.

The agreement expands an existing deal between the companies for SNAM to manufacture KGM's internal combustion engine vehicles. Under the new pact, SNAM will augment production capabilities to assemble the all-electric Torres EVX electric vehicle that launched in Korea in September this year.

The signing ceremony in Seoul was attended by KG Mobility's Chairman Kwak Jae-sun and CEO Jeong Yong-won, along with SNAM's Chairman Mohammed al-Tuwaijri and CEO Dr. Fahd al-Dohish. Also present were Bang Moon-kyu, South Korea's minister of trade, industry and energy, and Bandar AlKhorayef, the Saudi minister of industry and mineral resources.

“As a new member of the KG Group family, KG Mobility has been accelerating its global market expansion since early year. We're setting our sights on building a robust EV production network in Saudi Arabia, which we see as a stepping stone into the Middle Eastern EV market,” said Kwak.

The deal builds upon previous agreements between KGM and SNAM, including a product license agreement in 2019 and 2020 and a parts supply agreement in 2022. These agreements have been set for a combined production volume of 169,000 units over seven years, with 90,000 units of Rexton Sports Khan, and 79,000 units of Rexton New Arena.

By Moon Joon-hyun (mjh@heraldcorp.com)