Saudi-based SNAM Automobiles Industries Company (SNAM) has signed an agreement to assemble South Korea’s KG Mobility’s (formerly SsangYong Motor) Torres EVX electric vehicle (EV) in the kingdom, according to The Korean Herald newspaper.

Under the agreement, SNAM will boost its production capabilities to assemble the Torres EVX electric vehicle, which was launched in Korea in September 2023.

“We are setting our sights on building a robust EV production network in Saudi Arabia, which we see as a stepping stone into the Middle Eastern EV market,” said KG Mobility’s Chairman Kwak Jae-sun.

The companies have signed agreements, including a product license pact in 2019 and 2020 and a parts supply contract in 2022.
 
These agreements have been 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, the report stated.
 
(Editing by Seban Scaria seban.scaira@lseg.com)