SsangYong Motor to be renamed KG Mobility under new ownership

KG Group and SsangYong Motor Chairman Kwak Jae-sun at an event dubbed automobile industry entrepreneurs’ night on Wednesday [Source : Korea Automobile Journalists Association]

South Korea’s SsangYong Motor Co. will take SsangYong off its nameplate to start anew as KG Mobility, seeking an integrated mobility company for future growth under the new ownership of KG Grpup.

The carmaker has decided to go with the new name despite a fandom of millions, said KG Group and SsangYong Motor Chairman Kwak Jae-sun during an event dubbed automobile industry entrepreneurs’ night hosted by Korea Automobile Journalists Association on Wednesday.

“Under the name of SsangYong, the company has a fandom but also has a painful image. The new cars will come out as KG, but its car-making history will never change and have the same conditions,” said Kwak.

The rebranding requires approval from shareholders due in March next year. Upon approval, the name SsangYong with a 35-year history will disappear.

SsangYong Motor, since its acquisition by SsangYong Group in 1998, saw ownership changes to Daewoo Group, creditor banks, China’s SAIC Motor and then India’s Mahindra & Mahindra. The company filed for its second court receivership in December 2020 and finally went under KG Group in August this year after more than a year-long efforts to find a new investor.

Last month, it was able to graduate from the court management as well.

The rebranding shows the company’s commitment to taking a leap as an integrated mobility company with advanced solutions for electrification and autonomous driving.

“Through a company survey, the company found a consensus among employees on the rebranding and we are pursuing a new company name in line with the trend of electrification,” said an official from SsangYong Motor.

Last year, Kia Motors changed its corporate name to Kia with a new emblem to symbolize its shift toward electrification and innovation. The country’s biannual auto show Seoul Motor Show was also rebranded as Seoul Mobility Show.