SsangYong releases Torres, to please drivers and save company

SsangYong Motor released has the Torres mid-size SUV, which it hopes will help it end a long slump and regain its reputation.

A model poses with the Torres SUV after a release event held at Nest Hotel in Incheon on Tuesday. [SSANGYONG MOTOR]

INCHEON — SsangYong Motor has released the Torres mid-size SUV, which it hopes will help it end a long slump and regain its reputation.

The Torres SUV is the beleaguered automaker's first entirely new vehicle in four years.

"The Torres SUV is the result of our one-year thorough work analyzing what customers want from SsangYong, and what are the things that we are good at," Chung Yong-won, the court-appointed manager for SsangYong Motor, told the reporters during the release event held in Incheon Tuesday. "We would like to regain our identity back, the title of the best maker of SUVs, and the Torres is our first step."

The exterior of the SUV is totally different compared to the carmaker's existing models. Following the "powered by toughness" concept, the front of the vehicle says power with a vertical radiator grille.

Measuring 4,700 millimeters (185 inches) by 1,890 millimeters by 1,720 millimeters, the size is between Hyundai Motor's Santa Fe and Tucson. It is bigger than Kia's Sportage SUV.

The trunk capacity stands at 703 liters (186 gallons), and expands to 1,662 liters, enough for four golf club bags or four Boston bags without difficulties, the company said.

Available with a 1.5-liter turbo gasoline engine, the vehicle comes with six-speed automatic transmission. It generates a maximum of 170 horsepower and 28.6 kilogram-meters of torque.

Fuel efficiency stands at 11.2 kilometers per liter. Torres was certificated as a low emissions vehicle, and drivers of these vehicles get up to 60 percent off when using public parking lots.

Twelve color options are available for the exterior and four for the interior.

SsangYong Motor hopes that the Torres will liven up its SUV lineup, which also includes the compact Tivoli SUV, the mid-sized Korando and the large Rexton.

The sticker price starts from 27.4 million won ($21,000).

SsangYong Motor set a sales target of 16,800 for the Torres, and it already received more than 30,000 orders.

The Torres will be introduced in the global market around November, with Chile the first country targeted for exports of the SUV.

The name Torres derives from the Torres del Paine National Park in Chile, recognized as a biosphere reserve by Unesco and often appearing on top destination lists.

The electric version of Torres will be released next year fall. SsangYong also said it plans to release an electric pickup truck in the second half of 2024.

Kwak Jae-sun, CEO of KG Chemical, talks about his vision toward SsangYong Motor Tuesday at Nest Hotel in Incheon. [SSANGYONG MOTOR]

On June 28, a consortium led by KG Mobility was been selected as the final bidder to acquire the automaker. The KG Mobility-led consortium includes KG Eco Technology Services, KG Steel, KG Inicis, KG Mobilians, Cactus Private Equity and Pavilion Private Equity. It submitted a 900 billion won bid, including 336 billion won for the acquisition price.

KG Mobility is 100 percent owned by KG Eco Technology Services and was established on May 11. KG Eco Technology Services is an energy company that is 47 percent owned by KG Chemical.

SsangYong and the KG Mobility-led consortium have until Oct. 15 to submit rehabilitation plans and get them approved or else the Seoul Bankruptcy Court declares the company bankrupt.

"A company has three reasons for their existence, making good products, offering good places for employees, and repaying investors with trust," said Kwak Jae-sun, CEO of KG Chemical, said during the event. "SsangYong Motor lacked all of the three. Now with the cooperation with KG, I will make SsangYong a great company for sure."

BY SARAH CHEA [chea.sarah@joongang.co.kr]