KG Mobility seeks to expand into Vietnam

South Korean automaker KG Mobility Corp. said on Friday it had sought to expand strategic cooperation, including entering the Vietnamese market, after holding a meeting with Vietnam's Kim Long Motor, an automotive subsidiary of the Futa Group.

The meeting took place at the Kim Long Motor Factory in the Hue Industrial Complex in Vietnam from Nov. 14 to 15. Attendees included Chairman of the KG Group Kwak Jae-sun, CEO of KGM Commercial Kim Jong-hyun, and Chairman of the Futa Group Nguyen Huu Luan. 

During the meeting, they inspected the construction site of the KG Mobility-exclusive knock-down (KD) factory currently under construction and reviewed future schedules. They also discussed strategies for the Vietnamese market entry of KG Mobility's Torres EVX and the electric buses of KGM Commercial.

In March, KG Mobility fortified its global presence by signing a KD contract with Kim Long Motor and securing an agreement to supply all necessary production facilities.

With an ambitious goal set for a production run of 15,000 units in the upcoming year, KG Mobility aims to increase its output to 60,000 units annually by 2029, contributing to a projected sales volume of approximately 6 trillion won ($4.6 billion).

KG Mobility's Vietnam production lineup is set to include models such as the Tivoli, the Korando, and the Torres by 2024, followed by the All-New Rexton, the New Rexton Sports, & the Khan by 2025.

Write to Sungsu Bae at bae@hankyung.com