Kolon Mobility Group launched to grow beyond imported car dealership

Kolon Mobility Group was officially launched on Wednesday with Lee Kyu-ho and Jeon Cheol-won as co-chief executive officers. [Source : Kolon Mobility Group]

Kolon Global Corp. has branched out its imported car dealer division as Kolon Mobility Group to seek new growth opportunities in used cars, electric motorbikes, and other environmentally-friendly vehicles.

Kolon Mobility Group was officially launched on Wednesday with Lee Kyu-ho and Jeon Cheol-won as co-chief executive officers. Lee is the great-grandson of Kolon founder Lee Won-man and eldest son of Lee Woong-yeol, honorary chairman of Kolon Group.

Kolon Mobility Group sells imported luxury cars, including BMW and Audi, in Korea, in addition to global audio brands like Bang & Olufsen and Bose.

Kolon Auto, Kolon Automotive, and Kolon J Mobility - which import and sell Audi, Volvo, and Jeep cars in Korea - will come under Kolon Mobility Group.

With a goal to grow bigger as a comprehensive mobility service provider, Kolon Mobility Group will seek to strengthen its brand network and expand used car business. Also, it will expand out to eco-friendly mobility services, such as electric motorcycles.

Partnerships with other Kolon Group affiliates will also be strengthened. The company plans to introduce membership services connected to the hotel and golf clubs owned by the parent Kolon Group.

Kolon Mobility Group has set a target to achieve 3.6 trillion won ($2.8 billion) in sales and 100 billion won in operating profit by 2025. It is estimated that the imported car dealer earned 2.2 trillion won in sales and 70 billion won in operating profit last year.

Industry watchers see the latest change as the founding family’s efforts to accelerate the succession of leadership. Lee Woong-yeol, who stepped down as chairman of Kolon Group in 2018, owns a 45.83 percent stake in Kolon Corp., the holding company of Kolon Group, while his son, Kyu-ho, doesn’t own any shares.