KG Mobility, the South Korean automaker formerly known as SsangYong Motor before going through bankruptcy, is seeking to revive its fortunes with a $30,000 full-electric SUV.
The automaker Thursday unveiled four new vehicles at the Seoul Mobility Show, including the Torres EVX, its first electric car since conglomerate KG Group bought a majority stake in the firm in September 2022.
Using lithium-iron-phosphate (LFP) batteries made by China’s BYD, the SUV has a driving range of 500 km (310 miles) on a single charge.
It will be available in South Korea and Europe in the second half. In Korea, it will be priced at less than 40 million won ($30,700) after subsidies.
“We successfully completed all processes for a restructuring and now have a new major shareholder,” CEO Jeong Yong Won said. “We promise you that we will never collapse again.”