- KGM to focus on developing Korean SUVs with cutting-edge technology; aiming to reduce product development time and adapt to changes in the market

 - Strengthened collaboration for future technology through a strategic partnership with global export manufacturer Chery Automobile

 - Development of mid-size and large SUVs through platform license agreement - plans to launch electrified models to target the global market

[October 21, 2024] KGM announced that it has signed a strategic partnership and platform license agreement with global automaker Chery Automobile to lay the foundation for the company's future growth.

The agreement was signed on October 19th at an event held at Chery Automobile headquarters in Wuhu, Anhui Province, China. Key attendees included KGM Chairman Jea-sun Kwak, CEO Ki-young Hwang, and Chery Group's Chairman Yin Tongyue, and President Zhang Guibing. Both companies agreed to strengthen technological collaboration to prepare for the future.

Chairman Jea-sun Kwak of KGM stated that "As a member of the KG Group family, KGM has successfully launched new models such as the Torres EVX and Actyon, as well as various improved models, boosting sales volumes and reinforcing our global market penetration while achieving business normalization. Through this strategic partnership and technical collaboration with Chery Automobile, we will be able to develop a wider range of models, shorten development times, and launch new models that meet customer needs, allowing us to respond to the rapidly changing automotive market."

He also emphasized, "We will develop a Korean SUV that delivers differentiated mobility value, drawn from KGM's 70 years of technical expertise and the brand's new strategy of 'Practical Creativity'."

Through this strategic partnership and platform license agreement, KGM plans to develop not only mid-to-large SUVs to respond to market changes but also a variety of new models for global markets.

Chery Automobile, China's top automobile exporter, sold 1.88 million units in 2023, 937,000 units of which were exports. As of Q3 2024, the company sold over 1.75 million units, which is a year-on-year increase of 40%. In August, Chery was listed for the first time among Fortune's Global 500 companies, ranking 385th with $39 billion in revenue.