Riyadh - Sharikat Mubasher: The Saudi National Automobiles Manufacturing Company (SNAM) signed a partnership agreement with KG Mobility (KGM), a South Korea–based automobile manufacturer, to assemble Torres EVX electric vehicles in the Kingdom.
In a statement, KGM said that SNAM will boost production capabilities to assemble the all-electric Torres EVX electric vehicle.
The agreement was signed in a ceremony attended by Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, Bang Moon-kyu, South Korea’s Minister of Trade, Industry, and Energy, along with CEOs and senior officials from both companies.
The partnership agreement expands an existing deal between both companies whereby SNAM will manufacture KGM's internal combustion engine vehicles.
Kwak Jae-sun, Chairman of KGM, said that the company aspires to establish a robust EV production network in the Kingdom and expand in the Middle Eastern EV market.
The new agreement builds on previous agreements between SNAM and KGM set for a combined production volume of 169,000 units over seven years, with 90,000 units of Rexton Sports Khan, and 79,000 units of Rexton New Arena.
