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KG Mobility to assemble its signature Torres EV in the kingdom: The Saudi National Automobiles Manufacturing Company (SNAM) signed a new partnership agreement with South Korean automaker KGM Mobility — formerly known as SsangYong Motor — to manufacture KGM’s all-electric Torres EVX SUV in the kingdom, The Korea Herald reported last week. No operational timeline, production date or financial details on the partnership have yet been disclosed.
Torres EVX?The all-electric SUVs were launched in South Korea last September with just one powertrain that uses a 73.4kW/h battery and a 201 bhp electric motor to drive the front wheels, Autoexpress noted.
Not their first rodeo: In October, SNAM and KG Mobility signed a MoU to supply automotive parts to the Saudi company. They also signed a knock-down parts supply agreement last year and product license agreements in 2019 and 2020.
KSA could become KG Mobility’s stepping stone into the region’s EV market: “As a new member of the KG Group family, KG Mobility has been accelerating its global market expansion since early year. We're setting our sights on building a robust EV production network in Saudi Arabia, which we see as a stepping stone into the Middle Eastern EV market,” Kwak Jae-sun, KGM’s Chairman.
IN OTHER SAUDI EV NEWS- PIF-backed US EV maker Lucid assembles 800 EVs in Jeddah plant:Electric vehicle maker Lucid — in which the PIF owns a 60% stake — has assembled c. 800 vehicles in its factory in Jeddah since its inauguration in late September, Reuters reported last week, citing the company’s Middle East Managing Director Faisal Sultan. His statements come a few months after Lucid opened its first plant outside the US in September in the kingdom with an initial capacity to manufacture 5k EVs a year after the government pledged to purchase up to 100k vehicles over a timeframe of ten years.
REMEMBER- Lucid is planning big for the kingdom: Lucid plans to produce 155k EVs yearly in the kingdom once full-fledged production capacity is achieved by 2025. Lucid aims to build a full production plant in the kingdom that could potentially earn the EV manufacturer USD 3.4 bn over 15 years.
