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SsangYong Motor Co. has been struggling for years before it declared bankruptcy and underwent restructuring. It was also put up for sale in an attempt to save the company, and it succeeded after facing many issues.
Now, after being acquired by a consortium led by the KG Group, SsangYong Motor announced on Wednesday, Mach 22, that its name has been changed to KG Mobility. The name change was approved so the company could transform itself into a future mobility solutions firm.
As per Yonhap News Agency, the South Korean automobile manufacturer finalized its new name during the shareholders' meeting this week. They all agreed so the company could focus on other businesses, including electric vehicle production, software-defined vehicle, artificial intelligence, and autonomous driving. It is trying to foray into various fields to survive in this era of electrification and automation.
It was only in October of last year when SsangYong finally completed its court-led debt rescheduling program. The company went through it for one and a half years after it was placed under court receivership.
Moreover, the Seoul Bankruptcy Court gave a go-ahead signal for SsangYong Motor's debt payment plans in August 2022 after the KG Group-led local consortium was picked by the court as the final bidder to the acquisition of the company. The companies purchased a 62% stake in the beleaguered vehicle manufacturer.
As it changes its name, SsangYong Motor is getting a fresh start, and it will now be doing business under the KG Mobility banner. This is the first time in 35 years that the company’s name has been changed, according to Korea Joongang Daily.
"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," the company said in a statement.
