SsangYong is no more. Following its acquisition in 2022 by chemical-to-steel company KG Group, Yonhap News Agency reports that the Korean carmaker will henceforth be referred to as KG Mobility.
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In case you haven‘t kept up: SsangYong went through a tough time during the pandemic, defaulting on P2.6 billion worth of loan payments and filing for court receivership at the end of 2020.
In late 2022, after a deal with an Edison Motors-led consortium didn’t come to fruition, SsangYong was acquired by the KG Group. The name change was finalized at a shareholders‘ meeting last week. The rebranded company will focus on EV platforms, vehicle software, autonomous driving, and artificial intelligence.
The name change represents just one of many throughout the company‘s history. It originated as Ha Dong-Hwan Motor Workshop in 1954, before being christened Dong-A Motor Company in 1977. In 1988, the name was once again changed to SsangYong Motor.
