SNAM, Korea’s KGM sign MoU to produce, assemble Torres EVX

Logo of SNAM Automobiles Industries Co. (SNAM)

South Korea-based KG Mobility (KGM) signed a memorandum of understanding (MoU) with Saudi Arabia’s SNAM Automobiles Industries Co. (SNAM) to produce and assemble Torres EVX, an electric sports utility vehicle (SUV), Yonhap News Agency reported, citing a company statement.

Under the MoU, SNAM plans to produce the Torres EVX, in addition to the existing internal combustion engine vehicles - Rexton Sports Khan and Rexton New Arena.

KGM signed a product license pact in 2019 and 2022, as well as inked a parts supply agreement last year.

Over the next seven years, the production capacity is expected to reach 169,000, including 90,000 Rexton Sports Khan and 79,000 Rexton New Arena units.

KGM Chairman Kwak Jae-seon indicated that the company plans to build a robust EV production network in Saudi Arabia, which will be a stepping stone into the Middle Eastern EV market.