KG Mobility signs agreement with BYD to develop electric and hybrid vehicles
- KG Mobility Chairman Kwak Jae-sun and BYD Chairman Wang Chan-fu have agreed to expand their strategic partnership
- This includes a battery pack factory agreement in Korea and an agreement to jointly develop next-generation hybrid systems
- The expansion in cooperation with BYD is expected to serve as an opportunity to reorganise the company’s product lineup centred on eco-friendly vehicles
In response to the eco-friendly future car market, KG Mobility has entered a next-generation hybrid system agreement with global electric vehicle leaders BYD.
Taking place at the BYD Group headquarters in Shenzhen, China, the signing ceremony included KG Mobility 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, among others. The decision to expand future collaborations between the two companies was made to build on the successful launch of the Torres EVX.
This agreement will see battery packs produced in 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 electric vehicles, 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 electric vehicle 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 lineup, 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 electric vehicle development capabilities and ensure success in hybrid development.
Chairman Kwak Jae-seon of KG Mobility 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 electric vehicles meeting the needs of our customers.”
He added: “We anticipate that this expanded cooperation with BYD will strengthen our electric vehicle lineup, including the Torres EVX, KR10, and F100, while reorganizing our product range to focus on eco-friendly vehicles. This includes introducing a dedicated electric vehicle platform and launching hybrid products.”
Furthermore, Chairman Jae-seon Kwak said: “KG Mobility’s development direction is evident in the recently released Torres EVX. We received an excellent response from domestic electric vehicle consumers by offering a 10-year, 1 million km battery warranty, the highest in the world.
“We are committed to delivering the utmost safety and assurance to our customers through the application of battery packs produced by KG Mobility in the future,” he continued.
KG Mobility 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, KG Mobility has laid a strong foundation for more stable growth.”
He concluded: “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.”