{"id":81297,"date":"2023-12-18T00:00:00","date_gmt":"2023-12-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/12\/18\/korean-automaker-kg-mobility-to-start-manufacturing-torres-ev-in-kingdom\/"},"modified":"2023-12-18T00:00:00","modified_gmt":"2023-12-18T00:00:00","slug":"korean-automaker-kg-mobility-to-start-manufacturing-torres-ev-in-kingdom","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/12\/18\/korean-automaker-kg-mobility-to-start-manufacturing-torres-ev-in-kingdom\/","title":{"rendered":"Korean automaker KG Mobility to start manufacturing Torres EV in kingdom"},"content":{"rendered":"

KG Mobility to assemble its signature Torres EV in the kingdom:<\/strong> The Saudi National Automobiles Manufacturing Company (SNAM) signed a new partnership agreement with South Korean automaker KGM Mobility \u2014 formerly known as SsangYong Motor \u2014 to manufacture KGM\u2019s all-electric Torres EVX SUV in the kingdom, The Korea Herald<\/a> reported last week. No operational timeline, production date or financial details on the partnership have yet been disclosed. <\/p>\n

Torres EVX?<\/strong>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<\/a> noted.<\/p>\n

Not their first rodeo: <\/strong>In October, SNAM and KG Mobility signed a MoU<\/a> 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. <\/p>\n

KSA could become KG Mobility\u2019s stepping stone into the region\u2019s EV market: <\/strong>\u201cAs 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,\u201d Kwak Jae-sun, KGM\u2019s Chairman.<\/p>\n

IN OTHER SAUDI EV NEWS- <\/strong>PIF-backed US EV maker Lucid assembles 800 EVs in Jeddah plant:<\/strong>Electric vehicle maker Lucid \u2014 in which the PIF owns a 60% stake \u2014 has assembled c. 800 vehicles in its factory in Jeddah since its inauguration in late September, Reuters<\/a> reported last week, citing the company\u2019s 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.<\/p>\n

REMEMBER- Lucid is planning big for the kingdom: <\/strong>Lucid plans to produce<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

SNAM up its production capabilities to domestically assemble KGM\u2019s signature all-electric Torres EVX in Saudi Arabia<\/p>\n","protected":false},"author":1,"featured_media":81298,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[103],"tags":[1999,102,11,64,1998,1415],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-electric-vehicles","tag-automaker","tag-electric-vehicles","tag-enterpriseclimate","tag-evs","tag-kg-mobility","tag-korea","wpautop","entry"],"acf":{"mongo_id":"9d2a6a42-4817-4a10-b74c-385820eb6d5b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1122.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"Korean 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