KG Mobility has entered a next-generation hybrid system agreement with global electric vehicle (EV) leaders
BYD. Taking place at the BYD Group headquarters in Shenzhen, China, the signing ceremony included KG Mobility (KGM) chairman Kwak Jae-sun, CEO Jeong Yong-won, Research Institute Director Kwon Yong-il, BYD Group Chairman Wang Chan-fu, FinDreams Battery CEO He Long, and FinDreams Powertrain CEO Luo Hong-bin. The decision to expand future collaborations between the two companies was made to build on the successful launch of the KGM Torres EVX.
This agreement will see battery packs produced in South Korea integrated into the Torres EVX and the company’s new BEV pick-up, which is scheduled for mass production in the second half of 2024, and in other applicable vehicle models. KG Mobility remains committed to the advancement of EVs, which constitute a pivotal element in the next-generation growth strategy of the company. This close technical partnership with BYD, renowned for its exceptional technological expertise in EV battery cells and packs, aims to secure the company’s continued and sustainable growth.
Before the agreement, researchers from both companies had already begun joint development of the next-generation hybrid system with plans to expand its line-up, starting with a Torres-based hybrid model in 2025. Additionally, there are plans to concurrently develop plug-in hybrids. In this regard, a restructuring of the research institute was recently completed to bolster EV development capabilities and ensure success in hybrid development.
KGM chairman Kwak Jae-seon said: “KG Mobility embarked on a journey of change and development as a mobility company by changing its name last March. We started with the launch of the Torres EVX, aimed at providing safe, affordable, high-performance EVs meeting the needs of our customers. We anticipate that this expanded cooperation with BYD will strengthen our EV line-up, including the Torres EVX, KR10, and F100, while reorganising our product range to focus on eco-friendly vehicles. This includes introducing a dedicated EV platform and launching hybrid products.”
KGM CEO Jeong Yong-won said: “By expanding the line-up of eco-friendly vehicles through cooperation with BYD for the joint development of next-generation hybrids, KGM has laid a strong foundation for more stable growth. This collaboration is especially significant as it allows us to secure future competitiveness by ensuring a stable supply of core components and developing new vehicles with cutting-edge electrical/electronic integration technologies.”