*This content was translated by AI.
On the 2nd, a strategic investment agreement signing ceremony between KGM Mobility and China's Chery Automobile was held at the Seoul Namsan Hyatt Hotel. Attendees included KGM Kwak Jae-seon (Chairman) and directors Hwang Gi-yeong (CEO), as well as Ambassador Dai Bing of the Chinese Embassy in Korea, Chery Automobile In Tung-we (Chairman), and Jang Gwi-bing (President).
The core of this agreement is a strategic investment worth 75 million USD (approximately 180.4 billion won by Hanwha) for KGM to strengthen future technology cooperation and partnership with Chery Automobile. Chery Automobile's investment takes the form of purchasing convertible bonds issued by KGM Mobility, which can later be converted into KGM shares depending on Chery Automobile's intentions.
This investment follows a 2024 platform licensing agreement and a 2025 joint development agreement for mid-to-large SUVs. KGM expressed its ambition to go beyond simple contract signing, aiming to maximize synergies in the global automotive market and secure new growth drivers.
The two companies plan to develop new vehicles by combining KGM's expertise in product planning, design, and vehicle development with Chery's eco-friendly powertrains and global platform technologies. The first fruit of this cooperation is expected to be the SE-10. Following the Rexton successor, it will be configured with PHEV and 2L gasoline options and is scheduled for launch around 2027. Future cooperation is also anticipated in areas such as SDV-based E/E architecture.
Kwak Jae-seon (Chairman) stated We will expand the scope of cooperation to include semiconductors, robots, and steel, and plan to gradually expand specific cooperation tasks, expressing his intention to broaden future collaboration. Notably, in commemoration of this investment signing, Chery Automobile gifted one Chery Robot vehicle.
Chery Automobile Chairman Ren Tongwei said, "This investment is for long-term strategic cooperation," and added, "We will create a model case for China-Korea automotive cooperation and innovation. Kwak (Chairman) is a person skilled in business. Since both countries are major automotive powers, we expect to achieve even stronger synergies," expressing his expectations for the investment.
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*This content was translated by AI.
