Korean carmaker SsangYong was in quite a tough spot at the height of the pandemic. It defaulted on P2.6 billion loan payments and filed for court receivership at the end of 2020.
In late 2022, however, things started to turn around for the brand. After a deal worth over P13 billion with an Edison Motors-led consortium fell through, the brand was acquired by KG Group, a chemical-to-steel company.
Kwak Jea Sun—KG Group chairman who is now also at the helm of SsangYong—now seems keen on completely leaving its rough past behind. According to a report by The Korea Times, Jea-sun has proposed to rename the company KG Mobility.
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“The name, SsangYong Motor, has a fandom, but also has a painful image,” said Jea-sun. “SsangYong’s new cars will come out in the world as ‘KG,’ and its history will not change and have the same conditions.”
The Korea Times also reports that this could mark the fourth name change for the company since it started operations in 1954 and the first since 1998.
