On August 3 (local time), KG Mobility (KGM), a prominent South Korean automaker, unveiled a strategic investment pact with Chery Automobile. Under this agreement, Chery will inject $75 million into KGM, with both entities poised to expedite the development of innovative vehicles. They will also deepen their collaboration in areas such as autonomous driving and state-of-the-art electronic/electrical (E/E) architectures, leveraging the Software Defined Vehicles (SDV) framework. Following the successful SUV 'SE-10' project, the duo is set to embark on a second joint development endeavor, aiming to craft a strategic model tailored for major global markets, including China, South Korea, and Europe. Moreover, both parties are contemplating joint investments in overseas production facilities and business hubs to broaden their global business presence.

Beyond the automotive realm, the two sides have also deliberated on future cooperation in new business sectors, with a particular emphasis on robotics and semiconductors. They are exploring avenues for joint research, pilot projects, and the commercialization potential in these cutting-edge fields. In the semiconductor sector, both entities have agreed to engage in discussions regarding joint investments and development specifically focused on automotive semiconductors.