[EXCLUSIVE] KG to deliver Torres EVX to Sweden and Norway in March

Industry

Published: 21 Sep. 2023, 18:16

[EXCLUSIVE] KG to deliver Torres EVX to Sweden and Norway in March

KG Mobility Chairman Kwak Jea-sun talks about the company's future business strategies at a press conference held in central Seoul Thursday. [KG MOBILITY]

KG Mobility will start delivering its Torres EVX, the pure electric version of the hit Torres SUV, in Sweden and Norway in March next year at the earliest.

Delivery will then take place to the Netherlands, and other European countries, within the first half.

"The two Nordic countries will be the first overseas locations to have the EV after Korea around March and April," Hwang Ki-young, managing director of KG Mobility's Europe and Russia business division, told the Korea JoongAng Daily on Thursday.

The overseas models "will have no major difference in terms of specifications and prices [compared to the domestic ones]," Hwang added.

EV demand is typically high in the Northern Europe region due to environmental reasons, a KG Mobilitiy's spokesperson explained.

KG Mobility's Torres EVX, the electric version of the hit Torres SUV. [KG MOBILITY]

It comes as KG Mobility is currently accelerating its exports with a goal of annual sales reaching 320,000 units by 2026, with 100,000 coming from exports.

"Starting with EVX, KG Mobility will introduce at least one EV model every year through to 2026," said Kwak Jea-sun, chairman of KG Mobility, at a press conference held in central Seoul Thursday. "We will emphasize more on exports, and doing well in discovering new markets."

Torres EVX is the first pure EV from KG Mobility since it changed its name from SsangYong Motor. It was launched in Korea on Wednesday, where customer delivery is slated for November.

Production of EVXs will start in October in the company's factory in Pyeongtaek, Gyeonggi.

Hwang Ki-young, managing director of KG Mobility's Europe and Russia business division, speaks at the press conference Thursday. [KG MOBILITY]

KG's Pyeongtaek plant currently produces 140,000 cars every year.

To increase the capacity, Kwak also said he is considering building a small-size EV-dedicated facility, adding that "both Korea and overseas are options" for the factory location.

An EV battery factory will be built at a site in its engine plant in Changwon, South Gyeongsang, with operation scheduled to start next year.

When asked about public concerns about EVX using BYD's batteries, Kwak said he is also in talks with LG Energy Solution and Samsung SDI for its future EVs.

Powered by BYD's 73.4-kilowatt-hour lithium iron phosphate, or LFP, batteries, Torres EVX can travel 433 kilometers (269 miles) per single charge.

"KG Mobility is on track to swing into profit for the year, aided by increased sales of Torres SUVs and anticipated delivery of the Torres EVX," Kwak added. "KG will never be labeled a 'loss maker.'"

KG Mobility turned a profit in the first half, logging 28.2 billion won ($21 million) in operating profit in the January-to-June period, thanks to surging orders of Torres SUVs. Over 50,000 Torres SUVs were sold just a year after its introduction.

Revenue hit a record of 2.09 trillion won in the first half, surpassing the 2 trillion won mark for the first time since the company was founded.

The SUV-focused carmaker's lineup currently consists of the Tivoli, Korando, Rexton, Rexton Sports, Torres and Torres EVX.