SsangYong name change finalised

SSANGYONG MOTOR will officially be rebranded to KG Mobility from this week, the Korean manufacturer finalising its first name change in 35 years at a shareholder meeting this week following a similar announcement made by new chairman Kwak Jea-sun in January.

The change comes following the acquisition of Mahindra and Mahindra’s controlling stake in the struggling manufacturer by a KG Mobility-led consortium for ₩950 billion ($A1.1b)in October of last year.

“The name SsangYong Motor has a fandom with good memories, but it also has a painful image,” said Mr Jea-sun.

“From now, all SsangYong cars will come out to the world under the name of KG.”

Mr Jea-sun said the business will now focus on new- and low-mileage used vehicles, as well as a shift toward electric vehicles, autonomous driving technologies, software-defined vehicles and artificial intelligence.

“We have changed our name after 35 years and have taken the first step towards change and development into a future mobility company,” the company said in a media statement.

“It is our first step to becoming a mobility company that focuses on future technologies including the development of an electric vehicle dedicated platform and autonomous driving.

“By focusing on design and development of future vehicle utilising new technologies – such as EV-dedicated platforms, software-defined vehicles, autonomous vehicles and AI etcetera, the company is really embracing change, and we will grow and develop as a proud and respected future automotive mobility partner.”

South Korean-based KG Group was established in 2003 and operates through its affiliates over a range of interests including chemicals, hospitality, media and steel.

SsangYong began as Ha-Dong-Hwan Motor Workshop in 1954, changing its name to Shinjin Motors in 1967, Dong-A Motor in 1977 and SsangYong Motor in 1988. It was placed into receivership in April 2021 with owners Mahindra and Mahindra citing financial difficulties and the COVID-19 pandemic as catalysts for the manufacturer’s misfortunes.

The SUV-focused car company’s model range currently includes the Korando, Musso, Rexton, Rexton Sports, Tivoli and Torres (pictured) models. Just three – the Korando, Musso and Rexton – are sold locally.

Despite generous aftersales support and competitive pricing, uncertainty surrounding the company’s future has seen it struggle to achieve significant sales volumes in recent times. To the end of February, SsangYong has sold just 938 vehicles nationally, or less than four per cent of all South Korean-sourced models.

The SsangYong Korando has failed to ignite local interests since its launch, selling just 76 examples within the Medium SUV under $60K segment to the end of Febraury. The Large SUV segment (under $70K) Rexton sold 231 examples over the same period, with the remaining 631 sales achieved by dual-cab utility entrants Musso and Musso XLV 4x4.