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SsangYong Motor was recently acquired by a consortium led by the KG Group, and with the new management, it was announced that the company has been rebranded. The South Korean automobile manufacturer said it will now operate under a new name - KG Mobility.
The automaker’s new chief executive said that its move to change the name simply signals a new chapter in the company's long history. It has gone through lengthy restructuring processes and now it is time to move forward under the new leadership and name.
SsangYong Motor’s new chairman, Kwak Jea Sun, said that he would ask for formal approval of the planned name change next year at the shareholders' meeting scheduled for March. As per Yonhap News Agency, he is also the chairman of the KG Group that has led a consortium to buy a 62% stake in SsangYong after court approval.
"The name, SsangYong Motor, has a fandom but also has a painful image,” Kwak said at during the Korea Automobile Journalists Association-hosted event on Wednesday this week. “SsangYong's new cars will come out in the world as 'KG' and its history will not change and have the same conditions."
Pulse News further reported that the rebranding still needs to go through a legal process, starting with approval from shareholders. Once given the “go ahead” signal, SsangYong will vanish after decades of existence.
This is the first time that the company is changing its name since 1998. When it was first established in 1954, it was known under a different name, and in 1977, it was changed to Dong-A Motor. It was in 1986 when the name SsangYong first came up after the takeover by the SsangYong Group.
Meanwhile, SsangYong Motor was saved last month after managing to graduate from court management after bankruptcy. This rebranding is being seen as the firm’s commitment to taking a leap as an integrated mobility organization.
“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,” an official at SsangYong Motor said.
