South Korea automaker KG Mobility to export vehicles to Vietnam
South Korea’s automaker KG Mobility and Vietnam’s Kim Long Motors signed a deal late last week on exporting knocked-down vehicles to Vietnam for assembly from 2024.
This is the first global activities of KG Mobility, former known as SsangYong Motor, after the name change.
It is set to export sport-utility vehicles (SUV) Tivoli, Korando, and Torres from 2024, and trucks Rexton, Rexton Sports, and Rexton Khan from 2025. KG Mobility expects to export 210,000 units worth KRW6 trillion ($4.6 billion) to Vietnam by end-2029.
Executives of KG Mobility and Kim Long Motors at the signing ceremony on March 31, 2023. Photo courtesy of KG Mobility.
Meanwhile, Vietnamese firm Kim Long Motors is building a complex at Chan May-Lang Co Economic Zone in the central province of Thua Thien-Hue for assembly of knocked-down vehicles.
Recently, many foreign automakers have announced plans to join the Vietnamese market. Czech automaker Skoda eyes to import vehicles from Europe for sale in Vietnam this year and then produce complete knocked down (CKD) units in 2024, the firm said last month.
The move aims to drive Volkswagen Group’s growth in the ASEAN market, as part of the internationalization strategy of Skoda’s parent firm, CEO Klaus Zellmer told Skoda's 2023 press meeting.
In February, Chinese automobile business Haima announced it would return to Vietnam with both gasoline and electric vehicles, distributed by local sales platform Carvivu. Gasoline vehicles Haima SUV 8S and Haima MPV 7X and electric vehicle Haima 7X-E are set to be ready for sale in the second half of this year at the earliest.
Also in February, Vietnam’s TMT Motors signed a deal with a foreign partner to exclusively manufacture, assemble, and distribute mini electric vehicles under Chinese brand Wuling. The foreign partner, a joint venture between U.S.-based General Motors (GM) and China’s Saic Motor and Wuling Motors, will provide components to the Vietnamese automaker.
The total sales of Vietnam Automobile Manufacturers' Association (VAMA) members, which do not include VinFast and Hyundai, plunged 24.63% year-on-year to 40,354 in January-February.
VinFast delivered 774 electric vehicles to customers in the period, featuring the 470 VF 8 and 304 VF e34. Hyundai reported sales of 8,963 units, including 3,496 in January and 5,467 in February, according to a report by TC Group, manufacturer and seller of Hyundai vehicles in Vietnam.
Overall, the automobile market reached a total sales of over 50,000 in the first two months of this year.
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