Kolon Mobility Group, an imported car business, established

Industry

Published: 04 Jan. 2023, 15:08 Updated: 04 Jan. 2023, 18:36

Kolon Mobility Group, an imported car business, established

Kolon Mobility Group co-CEO Lee Kyu-ho [KOLON MOBILITY GROUP]

Kolon Mobility Group, an automobile spin-off from Kolon Global, was formally established Wednesday.

The company held a formation ceremony five months after Kolon Global’s board of directors approved the spin-off of its automobile business.

Kolon Mobility Group sells imported cars — including Audi, Volvo, Jeep and Polestar — and second-hand cars.

The estimated operating of the spun-off business stood at 70 billion won ($55 million) and sales came in at 2.2 trillion won last year, according to Kolon Mobility Group. The goal is to reach an operating profit of 100 billion won and 3.6 trillion won in sales by 2025.

Kolon Global’s remaining businesses involve construction and trading.

Kolon Mobility Group is consolidated under Kolon, the holdings company of the group. Kolon holds 74.53 percent of Kolon Mobility Group, according to a regulatory filing released Monday.

The company will be led by co-CEOs Lee Kyu-ho and Jeon Cheol-won. Lee is the great-grandson of Kolon founder Lee Won-man.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]