From Battery to Hybrid... KG and BYD Growing Closer

KG Mobility announced on the 2nd that it has signed an agreement with Chinese electric vehicle and battery company BYD to establish a battery pack factory in Korea. They also agreed to jointly develop next-generation hybrid systems.

On the 1st, KG Mobility Chairman Kwak Jae-sun, CEO Jung Yong-won, and Research Director Kwon Yong-il met with Chairman Wang Chuanfu and other key executives at BYD Group headquarters in Shenzhen, China, to sign the agreement. The battery pack factory will be built on the site of KG’s existing Changwon engine plant. Battery packs will be made using battery cells supplied by BYD and installed in major vehicles. They will be used in the recently launched Torres electric vehicle (EVX) and the O100, scheduled for release in the second half of next year. The packs will also be applied to other vehicles developed in the future.

Kwak Jae-sun, Chairman of KG Mobility (right), and Wang Chuanfu, Chairman of BYD, are taking a commemorative photo after the signing ceremony at the BYD Group headquarters in China on the 1st.
[Photo by KG Mobility]

The company stated, "We will establish a close technical cooperation system with BYD, which possesses world-class technological competitiveness in the electric vehicle battery cell and pack business," adding, "We plan to accelerate electric vehicle development and strengthen the company’s sustainable growth."

On the same day, they also signed an agreement to jointly develop next-generation hybrid systems. The research teams of both companies have already begun joint development. A hybrid model based on the Torres will be released first in 2025, followed by additional models. Plug-in hybrids will also be developed.

Electric Vehicle Torres EVX [Photo by KG Mobility]

Chairman Kwak Jae-sun said, "Through the expanded cooperation with BYD, it will be an opportunity to strengthen the electric vehicle lineup including the Torres EVX, KR10, and F100, while reorganizing the company’s product lineup around eco-friendly vehicles by introducing dedicated electric vehicle platforms and launching hybrid products." CEO Jung Yong-won said, "In the long term, we will be able to secure future competitiveness by stably sourcing core hybrid components and developing new vehicles equipped with advanced integrated electric and electronic technologies."

Kwak Jae-sun, Chairman of KG Mobility (sixth from the left), executives, and BYD executives are posing for a commemorative photo after the agreement ceremony on the 1st.
[Photo by KG Mobility]

This content was produced with the assistance of AI translation services.