What's going on with BYD? KGM Agrees To Develop Medium-Sized SUVs With China's Cherry Car
Apr 02, 2025
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Related executives and employees, including KGM Chairman Kwak Jae-sun and CEO Hwang Ki-young, Director of Technology Research Institute Kwon Yong-il, Chairman Yin Tongyue of Cherry Group, and President Zhang Guibing, attended the joint development agreement ceremony held at Cherry Automobile Co., Ltd., located in Uhu City, Anhui Province, China on the 1st.
The signing ceremony is a practical cooperation plan between the two companies following the signing of a strategic partnership and platform license agreement with Cherry Motors in October last year, and will strengthen cooperation in various fields such as autonomous driving and state-of-the-art software defined vehicle (Electric/electronic hardware and software) to jointly develop mid- to large-sized SUVs to target not only domestic but also global markets.
Through the signing of this agreement, KGM will be able to speed up the development of medium and large SUVs that will inherit Rexton's heritage and continue its reputation. The project will be named "SE-10" and the development will be completed by 2026, and the launch schedule will be confirmed in consideration of market conditions.
奇瑞 Tiggo series with 80% of the front face occupied with grills
In addition, KGM plans to expand not only internal combustion engines (gasoline) but also eco-friendly lineups through strategic partnerships such as the use of Cherry Motors' global platform to introduce various derivatives to target the niche market.
"Competition is accelerating around the world, and cooperation and alliances among global companies are spreading to discover future food and enhance synergy and efficiency," said Kwak Jae-sun, chairman of KGM, who attended the agreement ceremony. "Technology cooperation with Cherry Motors will also grow and develop into a sustainable company in the future through strategic cooperation such as KGM's 70 years of technical know-how and Cherry Motors' use of global platforms."
Meanwhile, Cherry Group sold 2,603,916 units in 2024, up 38.4% year-on-year, with annual sales reaching 480 billion yuan (about 97 trillion won), its biggest performance since its inception. In particular, exports increased 21.4% to 1,144,588 units, and this continued growth and performance is attributed to the recognition of technology and product competitiveness in the global market.
Editor Kim Tae-jin, tj.kim@carguy.kr
This article was translated by Naver AI translator.
