South Korea's KGM launches eco-friendly cars in Israel, Turkey

SEOUL, November 06 (AJP) - South Korea's KGM is stepping up its global expansion drive with the rollout of new eco-friendly vehicles in Israel and Turkey, as the automaker seeks to strengthen its foothold in key overseas markets.

On Nov. 5, the company introduced its Torres Hybrid (HEV) at a launch event held at the Shefayim Event Hall near Tel Aviv. The ceremony was attended by KGM’s Head of Overseas Business, Lee Byung-gil, along with about 40 Israeli journalists.

The debut marks KGM’s second major overseas launch in recent months. In September, the company unveiled its Musso EV and Torres HEV in Germany.

Israel has emerged as a promising market for eco-friendly cars, fueled by rising fuel costs, higher taxes on combustion engines, and government incentives favoring low-emission vehicles. KGM said it expects the Torres Hybrid to help accelerate its growth across Europe and the Middle East.

In late October, the automaker also launched the Musso EV in Istanbul. KGM’s sales in Turkey have surged fivefold, from 2,217 vehicles in 2023 to 11,870 last year, earning the brand recognition as one of the country’s fastest-growing automotive names.

The company’s overall exports have been robust this year. As of October, KGM shipped 57,436 vehicles abroad — an 18 percent increase from 48,691 units during the same period a year earlier and the highest level in more than a decade. Eco-friendly models, including the Musso EV and Torres HEV, have played a pivotal role in that momentum, with 1,952 units exported in October alone, accounting for nearly a third of total sales.

“With exports at an 11-year high, we will continue to introduce new products tailored to individual markets and pursue differentiated marketing strategies to drive further growth,” a KGM representative said.

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.

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