Seoul, Nov 2 KG Mobility, a South Korean SUV-focused carmaker, said on Thursday it has partnered with Chinese electric vehicle maker BYD Co. to build a battery pack plant in Korea and develop next-generation vehicles.
KG Mobility and BYD have signed an agreement at the Chinese firm's headquarters in Shenzhen to build the battery pack plant in Changwon, 300 km south of Seoul, and develop all-electric and hybrid models, KG Mobility said in a statement.
KG Mobility, formerly SsangYong Motor Co., operates a car manufacturing plant in Pyeongtaek, 60 km south of Seoul, and a vehicle engine plant in Changwon, reports Yonhap news agency.
"We are planning to install the battery pack (to be produced in the Korean plant) in the next Torres EVX SUV models, the electric pickup truck O100 (which will be produced in late 2024) and other upcoming models," the statement said.
The company launched the Torres EVX in the domestic market in September.
"Engineers from the two companies have already entered into the project to develop a next-generation hybrid system" for vehicles, it said.
Under the partnership with BYD, KG Mobility aims to introduce the electric pickup truck O100, the Rexton SUV-based F100 flagship SUV, and the subcompact SUV KR10 starting from late 2024.
It also plans to add the Torres SUV-based hybrid model to the lineup in 2025. The company did not provide the investment size for the plant and other details.
The Torres EVX 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 km on a single charge.
The model comes with a 10-year and 1 million-km 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.
From January to October, KG Mobility's vehicle sales rose 10 percent to 102,640 units from 93,344 during the same period of last year.
Its current lineup consists of the Tivoli, Korando, Rexton, Rexton Sports, Torres, and Torres EVX SUVs.
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