KGM and Chery Begin Strategic Partnership to Develop Future Vehicle…

KGM and Chery Begin Strategic Partnership to Develop Future Vehicles<br><br>Korean automaker KGM (formerly known as SsangYong) has announced a strategic partnership and platform licensing agreement with Chinese automotive giant Chery Automobile.<br><br>Through this strategic partnership, KGM plans to develop not only medium and large SUVs but also a diversified range of new models intended for global markets. It is expected that KGM will gain access to Chery’s modular platforms, accelerating the development of new vehicles and allowing KGM to respond quickly to rapidly changing market demands.<br><br>Chery Automobile, China’s largest automobile exporter, sees this collaboration as an opportunity to enter the South Korean market and expand its production outside of China. With various markets, such as North America, Europe, and Turkey, remaining challenging for Chinese cars due to high tariffs, the partnership with KGM offers a way to overcome these obstacles.<br><br>At the same time, a strong partnership with Chery is expected to help KGM recover from years of financial challenges. Chery’s platforms have already attracted attention from other automakers, including Jaguar Land Rover.<br><br>In 2023, Chery Automobile sold 1.88 million vehicles, with 937,000 exported to foreign markets. As of the third quarter of 2024, the company has sold over 1.75 million vehicles, marking a 40% growth compared to the previous year. In August, Chery made its debut on the Fortune Global 500 list, ranking 385th with revenue of $39 billion.